The cash account for Honda Co. on March 1, 2020, indicated a balance of P 13,823.90. During March, the total cash deposited was P 141,000.80, and checks are written totaled P 135.136.94. The bank statement indicated a balance of P27,760.90 on March 31, 2020. Comparing the bank statement, the canceled checks, and the accompanying memorandums with the records revealed the following reconciling items: . Checks outstanding totaled P 12,360.54 A deposit of P 8,963.40. representing receipts of March 31, had been made too late to appear on the bank statement. A check for P620 had been incorrectly charged by the bank as P 260. A check for P 514.50 returned with the statement had been recorded by Honda Co. as P1,054.50. The check was for payment of an obligation to Maramba & Sons on the account. The bank had collected for Honda Co. for P3.816 on a note left for collection. The face of the note was P 3,600 Bank service charges for March amounted to P40. In addition to the above information. Honda Co, owns the following assets In addition to the above information, Honda Co. owns the following assets on March 31, 2020: 1) Money market placements totaling P450,000, 2) P18,000 of high grade, 60 days, commercial paper, and (3) highly liquid stock investment valued at P696,000 on March 31, 2020. The original cost of these stock investments P516,000. On February 1, Honda sold an unused piece of Land to Dagupena Restaurant for P1.800,000. Honda accepted a nine months P1.800.000 8 % note receivable from Mr. Morales. The note plus accrued interest is due in full on October 31, 2020. Honda adjusts for accrued interest revenue monthly Honda Co. uses the income statement approach to compute its provision for doubtful accounts expense. The general ledger had reported Account Receivable P 6,450.000 at April 1. 2019. At that time the allowance for doubtful accounts has a credit balance of P120,000. Throughout the fiscal year ending March 31, 2020, the company wrote off the actual accounts receivable of P 420.000 and collected P63,640.800 on account from credit customers. Credit sales for the year ended March 31, 2020. totaled P60,000,000. Of these credit sales, 1 % were estimated to eventually become uncollectible. Instructions: 1. Prepare Honda Co' bank reconciliation dated March 31, 2020, and prepare journal entry necessary to update the company's general ledger balances 2. Prepare the adjusting entry necessary to account for the notes receivable from Dagupena Restaurant on March 31, 2020 3. Determine the net realizable value of Honda Co's account receivable on March 31, 2020. 4. Illustrate the presentation of financial assets in the March 31, 2020 Statement of Financial Position 5. What are the account receivable turnover rate and average days outstanding