problem 7-2 (IAA) Argen Decem ntina Company reported the followin mber 31, 2017 accounts on Cash on hand Petty cash fund 1,000,000 50,000 2,000,000 1,500,000 200,000) 3,000,000 2,000,000 2,500,000 Securityurrent account PNB current account DO current account (overdraft) BSP treasury bill -120 days BPI time deposit-90 days Bond sinking fund . The cash on hand included a customer postdated check of P150,000 and postal money order of P50,000. The petty cash fund included unreplenished petty cash vouchers for P10,000 and an employee check for P5,000 dated January 31, 2018. The BPI time deposit is set aside for acquisition of land to be made in early January 2018. The bond sinking fund is set aside for payment of bond payable due December 31, 2018. Required: 1. Prepare adjusting entries on December 31, 2017 Compute the total amount of cash and cash equivalents. & Explain the presentation of the items excluded from cash and cash equivalents. 199