On August $31,2024,$ the general ledger of Knifepoint Cutlery shows a balance for cash of $$7,914.$ Cash receipts yet to be deposited into the checking account total $$3,325.$ The company$$s balance of cash does not reflect a debit card payment for the purchase of postage expense $($$$83)$ or an electronic funds transfer for rent expense $($$$1,395).$ The bank statement also revealed the company recorded a debit card transaction for supplies of $$408,$ but the actual amount was $$508.$ These amounts are included in the balance of cash of $$3,011$ 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 entry$($ies$)$ to adjust the balance for cash.