Question
On August 31, 2024, the general ledger of the Dean Acting Academy shows a balance for cash of $7,944. Cash receipts yet to be deposited
On August 31, 2024, the general ledger of the Dean Acting Academy shows a balance for cash of $7,944. Cash receipts yet to be
deposited into the checking account total $3,338. The company's balance of cash does not reflect a debit card payment for the purchase
of postage expense ($75) or an electronic funds transfer for rent expense ($1,500). The bank statement also revealed the company
recorded a debit card transaction for supplies of $400. but the actual amount was $500. These amounts are included in the balance of
cash of $2.931 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 ueust.31.2024.
2. Record the necessary entry (ies) to adjust the balance for cash.
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