The cash account of the EVERGREEN COMPANY showed a credit balance of P20,000 after checks totaling P45,000 have been prepared in payment of outstanding liabilities with suppliers and credited to cash in bank as of Dec. 31, 2019. The checks, however, were mailed only on Jan. 5. 2020. REQUIRED: 1. At what amount should cash as a current asset appear in the balance sheet? Prepare the related adjusting entry as of Dec. 31. 2019