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Colors Company provided the following data for the month of January: Balance per bank statement, January 31 3,500,000 Collections on January 31 but undeposited 550,000

Colors Company provided the following data for the month of January:

Balance per bank statement, January 31 3,500,000
Collections on January 31 but undeposited 550,000
returned by bank on February 5 with the january bank statement 50,000
Checks outstanding on january 31 650,000
Bank debit memo for safety deposit box rental not recorded by depostor 5,000
A creditors check for 30,000 was incorrectly recorded in the depositors book as 300,000
A customer's check for 200,000 was recorded by the depositors as 20,000
The depositor neglected to make an entry in its books for a check drawn in payment of an account payable 125,000

Required: Compute the balance in the cash account before corrections and prepare adjusting entries.

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