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SACCOCOM cash Problem 3-5 (ACP) Cantor Company prepared the following bank reconciliation on October 31: 990,000 00 Cash account balance 5,000 00 Less: Bank service charge Deposit outstanding 45,000 Check erroneously charged by bank against entity's account 10,000 60,000 930,000 Balance Add: Checks outstanding 125,000 Unrecorded collections 45,000 170,000 Bank statement balance 1, 100,000 October 31 balance per book 990,000 Book disbursements for November 1,200,000 Book receipts for November 710,000 October 31 balance per bank statement 1, 100,000 Bank receipts for November 500,000 Bank disbursements for November 1,000,000 Debit memo for service charge in November 10,000 Debit memo for a customer's NSF check in November 50,000 During the month of November, the bank corrected the P10,000 error committed in prior month. The entity recorded as cash receipt a customer note receivable of P100,000 placed with the bank for collection on November 30. The note was not collected until the subsequent month. Required: 1. Determine deposit in transit and outstanding checks on November 30. 2. Prepare bank reconciliation statement on November 30 showing adjusted balances. 3. Prepare one adjusting entry only on November 30