PROBLEMS Problem 7-1 (IAA) On December 31, 2017, Albania Company provided following data: the Cash in bank Time deposit-30 days Money market placement due on June 30, 2018 Saving deposit in cloeed bank Sinking fund for bond payable due June 30, 2019 Petty cash fund 3,000,000 1,000,000 2,000.000 100,000 1,500,000 20,000 The cash in bank included customer check of P200 outstanding for 18 monttis. *. Check of P250,000 in payment of accounts payable wa. dated and recorded on December 31, 2017 but mailed to creditors on January 15, 2018. *. Check of P100,000 dated January 31, 2018 in payment of accounts payable was recorded and mailed December 31, 2017 *. The reporting period is the calendar year The cash receipts journal was held open until January 15, 2018 during which time an amount of P450,000 was collected and recorded on December 31, 2017 Required 1. Prepare adjusting entries on December 31, 2017. 2. Compute the total amount of cash and cash equiv 3. Explain the preentation of the items excluded from cah that should be reported on December 31, 2017 and cash equivalents. 198