"Do you know it?"
Translation:Wissen Sie es?
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As far as I can tell, there is nothing wrong with "Kennst du es?" for this sentence Maybe you can report this to be added to the list of answers.
However there is generally a vivid difference in meaning between the verbs "kennen" and "wissen". I try to outline it as good as I can:
kennen = to know and be somwhat familliar with e.g. a concept, it is also used towards people you recognise or you are friends with, best translation: be familiar with sth.
wissen = have general knowledge about something, facts you learn, also used when you look for a resolution or an answer for a question e.g. in a quiz-show, best translation: have knowledge about sth./to know sth.
To add to what Xanellus said (and repeat the most part of it, sorry for that):
"Weißt du es?" = knowledge of a fact, e.g. "Do you know what's the capital of France / where to buy a tent / who that woman was?"; teacher: "What's three plus five? Kevin, weißt du es?" -- used with a relative clause
"Kennst du es?" = being familiar with sth., knowing of sth.'s existence, e.g. "Do you know that restaurant / that child / Plato's cave parable?"; "I can't sleep after I've had too much caffeine. Is that the same for you / can you relate to that?" = "Kennst du das (auch)?" -- used with an object (accusative)
Without context, both should be accepted answers here.
(Bonus word: "auskennen" = to be familiar with sth., to know your way around sth.: "Kennst du dich mit Autos aus?" = Do you know how to repair cars / can you recognise many car models?; "Kennst du dich in Paris aus?" = Do you know the layout of the streets / where to get the best dinner in Paris?)