Question 2 (25 marks) The cash book of Bay Company for the month of September 2019 was summarized as follows: Cash Book 2019 $ 2019 1 Sep. Balance b/d 79,000 Total payments 115,200 Total receipts 221,200 30 Sep. Balance od 185,000 300,200 300,200 The balance as shown in the Cash Book, however, did not agree with the balance as shown in the bank statement. Upon investigation of this matter revealed the following differences, and additional information: (1) Bank charges of $250 shown on the bank statement had not yet been entered in the cash book. (2) The last page of the pay-in book showed a deposit of $5,500 which had not yet been credited by the bank. (3) Two cheques totaling $8,800 issued to suppliers were entered in the cash book, but had not yet been presented to the bank. (4) A cheque for $15,000 was returned by the bank marked 'refer to drawer', but had not yet been entered in the cash book. (5) Interest received of $1,200 were shown on the bank statement, but had not yet been entered in the cash book. (6) A direct payment of insurance amounting to $3,500 was shown in the bank statement, but had not yet been entered in the cash book. Required: (a) Update the cash book for Bay Company showing the adjusted balance as at 30 September 2019. (15 marks) (b) Prepare a bank reconciliation statement for Bay Company as at 30 September 2019. (10 marks) (Total 25 marks)