{ "key_pair_value_system": true, "answer_rating_count": "", "question_feedback_html": { "html_star": "", "html_star_feedback": "" }, "answer_average_rating_value": "", "answer_date_js": "2024-05-28T00:05:26-04:00", "answer_date": "2024-05-28 00:05:26", "is_docs_available": "", "is_excel_available": "", "is_pdf_available": "", "count_file_available": 0, "main_page": "student_question_view", "question_id": "1807985", "url": "\/study-help\/questions\/on-august-31-2024-the-general-ledger-of-knifepoint-cutlery-1807985", "question_creation_date_js": "2024-05-28T00:05:26-04:00", "question_creation_date": "May 28, 2024 12:05 AM", "meta_title": "[Solved] On August 31, 2024, the general ledger of | SolutionInn", "meta_description": "Answer of - On August 31, 2024, the general ledger of Knifepoint Cutlery shows a balance for cash of $7,914. Cash receipts yet to | SolutionInn", "meta_keywords": "august,31,2024,general,ledger,knifepoint,cutlery,shows,balance,cash,$7,914,receipts", "question_title_h1": " 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", "question_title": " On August 31, 2024, the general ledger of Knifepoint Cutlery shows", "question_title_for_js_snippet": "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 Complete this question by entering your answers in the tabs below Required 1 Required 2 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 ) Bank's Cash Balance Per bank statement KNIFEPOINT CUTLERY Bank Reconciliation August 31, 2024 Per general ledger Bank balance per reconciliation Required 1 Company's Cash Balance Company balance per reconciliation Required 2 ", "question_description": "\"image\"image\"image", "transcribed_text": "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. Complete this question by entering your answers in the tabs below. Required 1 Required 2 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.) Bank's Cash Balance Per bank statement KNIFEPOINT CUTLERY Bank Reconciliation August 31, 2024 Per general ledger Bank balance per reconciliation Required 1 Company's Cash Balance Company balance per reconciliation Required 2 >", "related_book": { "title": "Advanced Accounting", "isbn": "978-0132568968, 9780132568968", "edition": "11th Edition", "authors": "Floyd A. Beams, Joseph H. Anthony, Bruce Bettinghaus, Kenneth Smith", "cover_image": "https:\/\/dsd5zvtm8ll6.cloudfront.net\/si.question.images\/book_images\/55.jpg", "uri": "\/textbooks\/advanced-accounting-11th-edition-9780132568968", "see_more_uri": "" }, "free_related_book": { "isbn": "0534980384", "uri": "\/textbooks\/matrices-with-applications-in-statistics-2nd-edition-9780534980382-180005", "name": "Matrices With Applications In Statistics", "edition": "2nd Edition" }, "question_posted": "2024-05-28 00:05:26", "see_more_questions_link": "\/study-help\/questions\/business-banking-2021-September-12", "step_by_step_answer": "The Answer is in the image, click to view ...", "students_also_viewed": [ { "url": "\/study-help\/questions\/natalie-warren-is-a-single-woman-in-her-late-20s-she-is-194347", "description": "Natalie Warren is a single woman in her late 20s. She is renting an apartment in the fashionable part of town for $1,300 a month. 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