Savings deposit in closed bank IOU from an employee Preferred redemption fund Total Additional information: 50,000 150,000 400.000 P4,000,000 a) Included in the demand deposit of P2,200,000 was a customer check amounting to P50,000 dated January 25, 2022. b) Also included in the demand deposit is a customer check amounting to P90,000 dated December 31, 2020. Game KN BA? neglected to encash the check. On December 31, 2021, the customer was informed and he was willing to replace this with a new one. New check is yet to be received from the customer. c) Check of P60,000 dated January 31, 2022 in payment of accounts payable was recorded and mailed December 31, 2021. d) Check of $70,000 in payment of accounts payable was recorded on December 31, 2021 but mailed to creditors on January 15, 2022. e) The company uses the calendar year. The cash receipts journal was held open until January 15, 2022, during which time P80,000 was collected and recorded on December 31, 2021. Required: 1. Prepare the adjusting entries to correct the cash account 2. Compute the cash and cash equivalents to be shown on December 31, 2021 statement of financial position.