The bank statement of GoGo Company for the month ended 31 March 2022 was received. However, the balance per the statement and the balance per the cash book failed to agree. The cash book showed a debit balance of $61,200. The following differences were found upon investigation: (1) A cheque for $26,790 received from a customer was returned by the bank as dishonoured, but no entries concerning that event had been made in the cash book. (2) A customer paid amount of $1,750 directly into our bank account by standing order on 30 March 2022 . No entry had been made in the cash book. (3) A standing order of charitable donation $2,300 had not been entered in the cash book. (4) The bank had wrongly credited the company account with a receipt of $3,600 which should have been credited to another bank customer. (5) A cheque payment of $2,500 had been wrongly entered in the cash book as a receipt. (6) A deposit of \$17,000 made into the bank on 31 March 2022 had not yet appeared on the bank statement. (7) Bank charges of $200 were omitted from the cash book. (8) Cheques issued amounting to $4,800 were still outstanding and did not go through the bank until April 2022. Required: (a) Explain why GoGo Company needs to prepare bank reconciliation statement at the end of each month. (5 marks) (b) Update the cash book of GoGo Company, showing the necessary adjustments and the adjusted balance as at 31 March 2022. (17 marks) (c) Prepare a bank reconciliation statement of GoGo Company as at 31 March 2022. (8 marks)