Can you help me answer these questions? Step by step process (solution) with explanation would be a big help for me to understand it. Thank you! Proof of cash; Computation of deposits in transit, outstanding checks and adjusted balances. You obtained the following information on the current account of Paraaque Company duringyour examination of its financial statements for the year ended December 31, 2020. The bank statement on November 30, 2020 showed a balance of P306,000. Among the bank credits in November was customer's note for P100,000 collected for the account of the company which the company recognized in December among its receipts. Included in the bank debits were cost of checkbooks amounting to P1,200 and a P40,000 check which was charged by the bank in error against Paraaque Co. account. Also in November you ascertained that there were deposits in transit amounting to P80,000 and outstanding checks totaling P170,000.The bank statement for the month of December showed total credits of P416,000 and total charges of P204,000. The company's books for December showed total debits of P735,600, total credits of P407,200 and a balance of P485,600. Bank debit memos for December were: No. 121 for service charges, P1,600 and No. 122 on a customer's returned check marked "Refer to Drawer" for P24,000.On December 31, 2020 the company placed with the bank a customer's promissory note with a face value of P120,000 for collection. The company treated this note as part of its receipts although the bank was able to collect on the note only in January, 2021. A check for P3,960 was recorded in the company cash payments books in December as P39,600. Based on the following application of the necessary audit procedures and application of the above data, you are to provide the answers to the following: 1. How much is the undeposited collections as of December 31, 2020? 2. How much is the outstanding checks as of December 31, 2020? 3. How much is the adjusted cash balance as of November 30, 2020? 4. How much is the adjusted bank receipts for December?" 5. How much is the adjusted book disbursements for December? 6. How much is the adjusted cash balance as of December 31, 2020