Argentina Company reported the following accounts on Problem 1-2 (IAA) December 31, 2020: Cash on hand 1,000,000 50,000 2,000,000 1,500,000 ( 200,000) 3,000,000 2,000,000 2,500,000 Petty cash fund...

Extracted text: Argentina Company reported the following accounts on Problem 1-2 (IAA) December 31, 2020: Cash on hand 1,000,000 50,000 2,000,000 1,500,000 ( 200,000) 3,000,000 2,000,000 2,500,000 Petty cash fund Security Bank current account PNB current account BDO current account (overdraft) BSP treasury bill-120 days BPI time deposit -90 days Bond sinking fund The cash on hand included a customer postdated check of P150,000 and postal money order of P50,000 The petty cash fund included unreplenished petty cash vouchers for P10,000 and an employee check for P5,000 dated January 31, 2021. The BPI time deposit is set aside for acquisition of land to be made in early January 2021. The bond sinking fund is set aside for payment of bond payable due December 31, 2021. Required: 1. Prepare adjusting entries on December 31, 2020. 2. Compute the total amount of cash and cash equivalents. 3. Explain the presentation of the items excluded from cash and cash equivalents. 19