On August 31, 2024, the general ledger of knifepoint Cutlery shows a balance for cash of $7,884. Cash receipts yet to be deposited into the checking account total $3,358. The company's balance of cash does not reflect a debit card payment for the purchase of postage expense (580) or an electronic funds transfer for rent expense ($1,365). The bank statement also revealed the company recorded a debit card transaction for supplies of $405, but the actual amount was $505. These amounts are included in the balance of cash of $2,981 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(les) to adjust the balance for cash