Problem 7-3 (IAA) Armenia Company reported the following informa December 31, 2017 ation Cash on hand Petty cash fund Cash in bank Saving deposit 1,000,000 50,000 4,000.000 2,000,000 7,050,000 Cash on hand included the following. Customer check of P100,000 returned by bank December a. 26, 2017 due to insufficient fund but subsequen redeposi ted and cleared by bank January 5, 2018. b. Customer check for P150,000 dated January 15, 2018 received December 22, 2017 c. Postal money orders received from customers, P200,000. The petty cash fund consisted of the following items: 2,000 Currency and coins Employees'IOUs Currency in envelope marked "collections for 10,000 5,000 33,000 Christmas party Check drawn by Armenia payable to petty cashier 50,000 * Check written and dated December 22, 2017 and delivered to payee on January 5, 2018, P200,000. Check written December 26, 2017 and dated January Sh. 2018 delivered to payee on December 26, 2017, P300,000 Required: 1. Prepare adjusting entries on December 31, 2017 2. Compute the total cash on December 31, 2017 200