The bank statement for the account of Obando Company of December 31, 2007 showed a credit balance of P20,000 while the company's ledger balance of the cash account as of November 30, 2007 was debit of P16,000. During December, 2007, the ledger showed two postings, a debit of P60,000 and a credit of P39,000, from the cash receipts and cash disbursement journal, respectively. Your examination revealed that the cash column of the receipts book was underfooted by P3,500. The receipts book recorded only the collections from customers and did not include a bank credit in December for P8,000 representing loan proceeds of a P10,000 promissory note. An examination of the customer's subsidiary ledger showed total credits to individuals accounts amounting to P64,200. The December check disbursement journal which was overfooted by P500, records only checks issued by the Company. In the month of December, 2007, the bank charged Obando Company P5,000 representing a loan guaranteed by the client but was dishonored by the maker, the company's Vice-President. The December bank service charges of P200 were erroneously charged by the bank to Jolo Company. The bank made the correction in January, 2008. the outstanding checks as of December 31, 2007 amounted to P5,600. On the morning of January 2, 2008, a cash count conducted produced the following: Bills and coins 3 duplicate copies of Obando's official receipts all dated January 2, 2008 Checks NSF check charged by the bank on January 2, 2008 Required: Compute the cash shortage as of December 31, 2007. P5,200 1,800 2,900 1,400