Carefree Company prepared the following bank reconciliation on March $31$:

Check No$.175$ was made for the proper amount of P$249,000$ in payment of account.

However the check was entered in the cash disbursements journal as P$294,000.$

Carefree Company authorized the bank to automatically pay its light and water bills as submitted directly to the bank.

Required:

a$.$ Prepare a corrected bank reconciliation.

b$.$ Prepare adjusting entries on March $31.$