Exercise 4-10 (Algo) Calculate the balance of cash using a bank reconciliation (LO4-5) On August 31, 2024, the general ledger of Knifepoint Cutlery shows a balance for cash of $7,800. Cash receipts yet to be deposited into the checking account total $3,258. The company's balance of cash does not reflect a debit card payment for the purchase of postage expense (S86) or an electronic funds transfer for rent expense ($1,315). The bank statement also revealed the company recorded a debit card transaction for supplies of $411, but the actual amount was $51. These amounts are included in the balance of cash of $3,041 reported by the bank as of the end of August. Required: 1. Prepare a bank reconciliation to calculate the correct ending balance of cash on August 31, 2024. 2. Record the necessary entrylies) to adjust the balance for cash. Prepare a bank reconciliation to calculate the correct ending balance of cash on August 31, 2024. (Amounts to be deducted should be indicated with a minus sign.) KNIFEPOINT CUTLERY Bank Reconciliation August 31, 2024 Bank's Cash Balance Company's Cash Balance Per bank statement Per general ledger 7,800 Bank balance per reconciliation Company balance per reconciliation Exercise 4-10 (Algo) Calculate the balance of cash using a bank reconciliation (LO4-5) On August 31, 2024, the general ledger of Knifepoint Cutlery shows a balance for cash of $7,800. Cash receipts yet to be deposited into the checking account total $3,258. The company's balance of cash does not reflect a debit card payment for the purchase of postage expense (S86) or an electronic funds transfer for rent expense ($1,315). The bank statement also revealed the company recorded a debit card transaction for supplies of $411, but the actual amount was $51. These amounts are included in the balance of cash of $3,041 reported by the bank as of the end of August. Required: 1. Prepare a bank reconciliation to calculate the correct ending balance of cash on August 31, 2024. 2. Record the necessary entrylies) to adjust the balance for cash. Prepare a bank reconciliation to calculate the correct ending balance of cash on August 31, 2024. (Amounts to be deducted should be indicated with a minus sign.) KNIFEPOINT CUTLERY Bank Reconciliation August 31, 2024 Bank's Cash Balance Company's Cash Balance Per bank statement Per general ledger 7,800 Bank balance per reconciliation Company balance per reconciliation