In the first hour, the monkey climbs 30 feet, but slips back 20 feet, so effectively climbs \( 30 - 20 = 10 \) feet each hour. After 11 hours, the monkey will have climbed \( 10 \times 11 = 110 \) feet. In the 12th hour, the monkey climbs 30 feet and reaches a total of \( 110 + 30 = 140 \) feet. Since it only needs to reach 120 feet, it will touch the flag at some time during the 12th hour.
Thus, the monkey will touch the flag at \( 8:00 + 5 \text{ hours} = 6:00 \) p.m.