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Magnificent Company provided the following data for the month of May of the current year: Cash balance per accounting record 1, 719,000 Cash balance per

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Magnificent Company provided the following data for the month of May of the current year: Cash balance per accounting record 1, 719,000 Cash balance per bank statement 3, 195,000 Bank service charge 10,000 Debit memo for the cost of printed checks delivered by the bank: the charge has not been recorded in the accounting record 12,000 Outstanding checks 685,000 Deposit of May 30 not recorded by bank until June 1 500,000 Proceeds of a bank loan on May 30 not recorded in the accounting record, net of interest of P30.000 570,000 Proceeds from a customer's promissory note, principal amount P800,000 collected by the bank not taken up in the book with interest 810,000 Check No. 1086 issued to a supplier entered in the accounting record as P210,000 but deducted in the bank statement at an erroneous amount of 120,000 Stolen check lacking an authorized signature, deducted from the entity's account by the bank in error 80,000 Customer's check returned by the bank marked NSF, indicating that the customer's balance was not adequate to cover the check: no entry has been made in the accounting record to record the returned check 77,000 Prepare bank reconciliation and adjusting entries

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