On August 31, 2024, the general ledger of Knifepoint Cutlery shows a balance for cash...
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On August 31, 2024, the general ledger of Knifepoint Cutlery shows a balance for cash of $7,744. Cash receipts yet to be deposited into the checking account total $3,193. The companys balance of cash does not reflect a debit card payment for the purchase of postage expense ($95) or an electronic funds transfer for rent expense ($1,225). The bank statement also revealed the company recorded a debit card transaction for supplies of $420, but the actual amount was $520. These amounts are included in the balance of cash of $3,131 reported by the bank as of the end of August
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