Problem 1 You obtained the following information on the current account of Energy CORP. During your examination of financial statements for the year ended December 31, 2021. The bank statement on November 30, 2021 showed a balance of P918,000. Among the bank credits on Novemb was costumer's note for P300,000 collected for the account of the company recognized in December among receipts. Included in the bank debits were cost of checkbooks amounting to P3,600 and a P120,000 check whi was charged by the bank in error against Energy's account. Also in November you ascertained that there we deposits in transit amounting to P240,000 and outstanding checks totalling P510,000. The bank statement for the month of December showed total credits of P1,248,000 and total charges of P612,00 The company's books for December showed that total debits of P2,206,800, total credits of 1,221,600 and balanced of P1,456,800. Bank debit memos for December were: No. 121 for service charges, P4,800 and No. 122 a costumer's returned check marked "Refer to Drawer" for P72,000. On December 31, 2021 the company placed with the bank a costumer's promissory note with a face value P360,000 for collection. The company treated this note as part of its receipts although the bank was able to colle on the note only in January, 2022. A check for P11,880 was recorded in the company cash payments books in December as P118,880. 1. How much is the undeposited collections as of December 31, 2021? b. 538,800 b. 1,192,800 c. 658,800 c. 1,085,880 a. 1,018,800 2. How much is the outstanding checks as of December 31, 2021? a. 575,880 3. How much is the adjusted cash balanced as of November 31, 2021? a. 648,000 c. 528,000 4. How much is the adjusted cash balanced as of December 31, 2021? c. 660,000 a. 1,876,920 b. 768,000 b. 586,920 d. 418,800 d. 1,089,480 d. 471,600 d. 1,126,920