Question Two The Sunshine Jetsetter has supplied the following banking information for the month of 2017: The Bank Account DATE DETAILS May-01 Balance b/d AMT ($) DATE DETAILS AMT ($) 65,000 May-01 Insurance (45233) 12,000 May-04 Sales ( 34911) 40,000 May-02 Utilities (45234) 25,750 May-11 Earl Chin (55713) 55.000 May-05 Office Supplies (45235) 20,000 May-18 Wayne Moss (48900) 30,000 May-11 Rex Securities (45236) 15,000 May-24 The Palms (30021) May-29 Fern Brook (81127) 70,000 May-16 Inter Comm Tech (45237) 22,000 42,500 May-22 Media Partners (45238) 33,450 May-24 Wages (45239) 40,000 May-30 Strata Managers (45240) May-31 Balance c/d 47,500 86,800 Jun-01 Balance b/d 302,500 86,800 302,500 The bank statement for the corresponding period was as follows: DATE DETAILS DR CR BAL May-01 Balance b/d 65,000 May-08 45233 12,000 53,000 May-10 34911 40,000 93,000 May-12 45234 25,750 67,250 May-18 55713 55,000 122,250 May-20 45236 15,000 107,250 May-22 Standing Order (1) 30,000 77,250 May-23 48900 30,000 107,250 May-24 Direct Debit 35,000 72,250 May-25 45239 40,000 32,250 May-27 Standing Order (2) 45,000 (12750) May-27 Credit Transfer 50,000 37,250 May-28 55713 (Refer to Drawer) 55,000 (17750) May-30 Bank Charges 5,200 (22,950) May Required: a) Explain why cheque # 55713 was posted a second time in the bank statement, this time with the term 'Refer to Drawer' (2 marks) b) What does the transaction called Credit Transfer as shown in the bank statement represent? (2 marks) c) Write up the updated cashbook and the bank reconciliation statement for the month (16 marks)