The books of Oroquieta Service, Inc. disclosed a cash balance of
P687,570 on December 31, 2010. The bank statement as of December 31 showed a balance of P547,800. Additional information that might be useful in reconciling the two balances follows: a. Check number 748 for P30,000 was originally recorded on the books as P45.000. b. A customer’s note dated September 25 was discounted on October 12. The note was dishonored on December 29 (maturity date). The bank charged Oroquieta’s account for P142,650, including a protest fee of P2,650. c. The deposit on December 24 was recorded on the books as P28,950, but it was actually a deposit of P27,000. d. Outstanding checks totaled P98,850 as of December 31. e. There was bank service charges for December of P2,100 not yet recorded on the books. f. Oroquieta’s account had been charged on December 26 for a customer’s NSF check for P12,960. g. Oroquieta properly deposited P6,000 on December 3 that was not recorded by the bank. h. Receipts of December 31 for P134,250 were recorded by the bank on January 2. i. A bank memo stated that a customer’s note for P45,000 and interest of P1,650 had been collected on December 27, and the bank charged a P360 collection fee. Required: 1. Adjusted cash balance 2. Net adjustment to cash as of December 31, 2010.