At the end of its second year of operation, Jacobs Financial Advisors, Inc., had the trial balance that follows.

The following information is also available:
a. Office supplies on hand, December 31, 2014, $319
b. Insurance still unexpired, $180
c. Estimated depreciation of office equipment, $870
d. Telephone expense for December, $182; the bill was received but not recorded.
e. The services for all unearned tax fees had been performed by the end of the year.
f. Estimated federal income taxes for the year, $2,700
Required
1. Open T accounts for the accounts in the trial balance plus the following: Income Taxes Payable; Office Supplies Expense; Insurance Expense; Depreciation Expense-Office Equipment; and Income Taxes Expense. Record the balances shown in the trial balance.
2. Determine the adjusting entries and post them directly to the T accounts.
3. Prepare an adjusted trial balance, an income statement, a statement of retained earnings, and a balance sheet.

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Jacobs Financial Advisors, Inc. Trial Balance December 31, 2014 Cash Accounts Receivable Prepaid Insurance Office Supplies Office Equipment Accumulated Depreciation-Office Equipment Accounts Payable Unearned Tax Fees Common Stock Retained Earnings Dividends Tax Fees Revenue Office Salaries Expense Advertising Expense Rent Expense Telephone Expense 11,265 2,191 520 682 7,980 790 437 519 2,400 3,074 36,926 9,700 650 3,200 458 44,146 44,146