On December 31, 2020, Albania Company provided The cash in bank included customer check of P200,000 PROBLEMS Pr Problem 1-1 (IAA) the D following data: C . P Cash in bank Time deposit - 30 days Money market placement due on June 30, 2021 Saving deposit in closed bank Sinking fund for bond payable due June 30, 2022 Petty cash fund 3,000,000 1,000,000 2,000,000 100,000 1,500,000 20,000 outstanding for 18 months. * Check of P250,000 in payment of accounts payable was dated and recorded on December 31, 2020 but mailed to creditors on January 15, 2021. Check of P100,000 dated January 31, 2021 in payment of accounts payable was recorded and mailed December 31, 2020. * The reporting period is the calendar year. The cash receipts journal was held open until January 15, 2021 during which time an amount of P450,000 was collected and recorded on December 31, 2020. Required: 1. Prepare adjusting entries on December 31, 2020. 2. Compute the total amount of cash and cash equivalents that should be reported on December 31, 2020. 3. Explain the presentation of the items excluded from cash and cash equivalents. 18