Problem 1 August Company reported the following accounts on December 31, 2020: Cash on hand 500,000 Petty cash fund 20,000 Security Bank current account 1,000,000 PNB Current account No. 1 400,000 PNB Current account No. 2 I 50,000] ESP treasury hill 120 days 3,003,000 BPI time deposit 50 days 2,000,000 - 111e cash on hand included a customer postdated ched: of P101000 and postal money order of Pdm. i We petty cash fund included unreplenished petty cash vouchers for P2,000 and an employee check for P3,000 dated January 31, 2021. - 111e BPI time deposit is set aside for acquisition of land to he made in early January 2021. i We reporting period is the calendar year. The cash receipts journal was held open until January 15, 2021 during which time P230,000 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