On August 31, 2024, the general ledger of Knifepoint Cutlery shows a balance for cash of $7,774. Cash receipts yet to be deposited into the checking account total $3,226. The company's balance of cash does not reflect a debit card payment for the purchase of postage expense ($92) or an electronic funds transfer for rent expense ($1,255). The bank statement also revealed the company recorded a debit card transaction for supplies of $417, but the actual amount was $517. These amounts are included in the balance of cash of $3,101 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. abr holow

On August 31, 2024, the general ledger of Knifepoint Cutlery shows a balance for cash of $7774. Cash receipts yet to be deposited into the checking account totial $3,220. The company's balance of cash does not reflect a debit card payment for the purchase of postage expense ($92) or an electronic funds transfer for rent expense ($1,255). The bank statement also reveated the company recorded a debit card transaction for supplies of $417, but the actual amount was $517. These amounts are included in the balance of cash of 53,101 reported by the bank as of the end of August. Required: Required: Prepare a bank reconciliation to calculate the correct ending balance of cash on August 31, 2024 2. Fha 2. Record the necessary entry(ies) to adjust the balance for cash