On December 31, 2018 , Gcash Co cash and cash equivalents account balance per ledger of P4,000,000 includes the following:

Demand deposit P2,200,000

Undeposited collections 300,000

Time deposit 30 days 500,000

NSF check of customers 20,000

35 day money market placement due 01/28/2019 300,000

45 day commercial papers due 02/04/2019 80,000

Savings deposit in a closed bank 50,000

IOU from an employee 150,000

Preferred redemption fund 400,000

Total P4,000,000

Additional information:

1. Included in the demand deposit of P2,200,000 was a customer check amounting to P50,000 dated Jan 25, 2019
2. Also included in the demand deposit is a customer check amounting to P90,000 dated Dec 30, 2017. G cash neglected to encash the check. On Dec 31, 2018 the customer was informed and he was willing to replace the check with a new one. New check is yet to be received from the customer.
3. Check of P60,000 dated Jan 31, 2019 in payment of accounts payable was recorded and mailed Dec 31, 2018.
4. Check of P70,000 in payment of accounts payable was recorded in Dec 31, 2018 but mailed to creditors on Jan 15, 2019.
5. The company uses the calendar year. The cash receipts journal was held open until Jan 15, 2019 during which time P80,000 was collected and recorded on December 31, 2018.

Required

1. Prepare the adjusting entries to correct the cash account
2. Compute the cash and cash equivalents to be shown as of Dec 31 2018 Statement of financial position.