· Check payable to Taemin Inc., dated January 4, 2020, included in the December 31 checkbook balance- P3,000,000 · Check payable to Taemin Inc., deposited December 20 and included in the December 31 checkbook balance but returned by bank on December 30,
Taemin Inc. had a checkbook balance on December 31, 2020 of P10,000,000 and held the following items in the safe:
· Check payable to Taemin Inc., dated January 4, 2020, included in the December 31 checkbook balance- P3,000,000
· Check payable to Taemin Inc., deposited December 20 and included in the December 31 checkbook balance but returned by bank on December 30, stamped NSF. The check was redeposited on January 2, 2021 and cleared January 3, 2021- P1,000,000
· Check drawn on Taemin Inc.’s account and payable to contractor, dated and recorded December 31 but not mailed until January 15, 2021- P1,500,000
· Cash on hand - undeposited collections- P500,000
· Change fund- P10,000
· Time deposit for plant expansion- P1,000,000
· Treasury bill- P2,500,000
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· Postage stamps- P5,000
What is the total amount should be reported as cash on December 31, 2020?
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