Help me please with detailed and clear explanation

Problem 1-4 (PHILCPA Adapted) Kaye Company reported the following accounts on December 31, 2022: Cash on hand 200,000 Petty cash fund 20,000 Philippine Bank current account 5,000,000 City Bank current account No. 1 4,000,000 City Bank current account No. 2 (overdraft) ( 100,000) Asia Bank saving account 250,000 Asia Bank time deposit, 120 days 2,000,000 * Cash on hand included the following items: Customer check for P35,000 returned by bank December 26, 2022 due to insufficient fund but subsequently redeposited and cleared by the bank on January 10, 2023. Customer check for P15,000 dated January 10, 2023, received December 23, 2022. The petty cash fund consisted of the following items: Currency and coins 5,000 IOUs from officers 2,000 Unreplenished petty cash vouchers 12,000 Included among the checks drawn by Kaye Company against the Philippine Bank current account and recorded in December 2022 were the following: Check dated December 23, 2022 and delivered to payee on January 31, 2023, P25,000. Check dated January 30, 2023 and delivered to payee on December 28, 2022, P45,000. Required: 1. Compute the total cash and cash equivalents. 2. Prepare adjusting entries on December 31, 2022. 17