In connection with your examination, the MQM company presented to you the following information regarding its Cash in Bank account for the month of December 2018:

a. Balances per bank statements: November 30, P215,600, and December 31, P230,400

b. Balances of cash in bank account in company's books: November 30, P165,450 and December 31, P226,800.

c. Total receipts per books were P2,221,900 of which P12,100 was paid on cash to a creditor on December 24.

d. Total charges in the bank statement during December were P2,189,700

e. Undeposited receipts were: November 30, P90,600 and December 31, P101,200

f. Outstanding checks were: November 30, P26,750, and December 31, P19,300 of which a check for P5,000 was certified by the bank on December 26.

g. NSF checks returned, recorded as reduction of cash receipts, were"

- Returned by bank on December, recorded also in December P10,400.

- Returned by bank on December but recorded in January P8,600.

h. Collections by bank not recorded by company were P121,500 in November and P116,400 in December

i. Bank service charges not entered in company's books were: November 30, P7,500 and December 31, P4,200.

j. A check for P9,500 of QMQ company was charged to MQM company.

k. A check drawn for P8,400 was erroneously entered in the books as P4,800.

Required:

Make a 4-column bank reconciliation for the month of December using adjusted balance method and prepare the necessary adjusting entries as of December 31, 2018.