1.

Adjusting Entries
Accounts Receivable 200,000
Cash in Bank 200,000

Cash in Bank 250,000

Accounts Payable 250,000

Cash in Bank 100,000

Accounts Payable 100,000

Accounts Receivable 450,000

Cash in Bank 450,000
 2. Total amount of cash and Cash equivalent on December 31, 2019

Cash in Bank P 3,000,000

Stale Customer Check (200,000)
Undelivered Creditor's Check 250,000
Post-dated creditor's check 100,000
2020 collection recorded in 2019 (450,000)
Total P 2,700,000
Time Deposit-30 days 1,000,000
Petty cash Fund 20,000
Cash and cash equivalent P3,720,000
 3. Presentation of Items excluded

1. Money market placement due on June 30, 2021

This is not included because this is a short term investment.

2. Saving Deposit in closed bank

This is not included because this can be classified as receivable.
Since the bank is already closed, the money cannot be used immediately
whenever the owner decide to use it for the business.

3. Sinking fund for bond payable due June 30, 2022

The fund will yet due on June 30, 2022