Reference no: EM132941133

Information about the cash position of Frank's Bookstore for June 2021 is presented below.

1. Totals of the cash receipts journal and the cash payments journal on 1 June 2021 was $67,280 and $61,866 respectively.

2. The following were included in the June bank statement but not in the business cash records:

1. a withdrawal of $250 from Frank's personal bank account held at the same bank
2. a deposit from an investment of $1,700
3. payment for business registration fee of $720
4. bank fees of $34

3. A comparison of the June bank statement with the business cash records showed:

1. a dishonoured cheque from a customer, Raymond Chandler, of $480
2. a deposit shown in the bank statement of $648 was incorrectly recorded in the business records as $948
3. cheques numbers 958 for $1,650 and 965 for $950 did not appear on the bank statement
4. cash receipts of $720 on 30 June 2021 were placed in the bank's night safe on 30 June 2021 were not included in the bank statement

4. The bank statement reported a balance of $2,960 credit on 30 June 2021

5. The cash at bank account balance for Frank's Bookshop on 1 June 2021 was $4,250 credit.

Required:

Problem a. Update the cash receipts and payments journals.

Problem b. What is the balance in the Cash at Bank account at 30 June 2021. Show all calculations.