120,000 60,000 50,000 24,000 240,000 40,000 800,000 1,300,000 Cash Accounts Receivable Office Supplies Prepaid Insurance office Equipment Furniture and Fixtures Land Building Accounts Payable Loans Payable DBS, Capital Professional fees Salaries Expense Advertising Expense Transportation Expense Utilities Expense Miscellaneous Expense Total 168,000 500,000 1,800,000 540,000 250,000 36,000 10,000 70,000 8,000 P 3,008,000 P 3,008,000 Additional Information 1. An inventory of office supplies on December 31, 2019 showed supplies on hand totaled P 38,000. 2. The prepaid insurance represents a one-year insurance policy on the building purchased on May 1, 2018 3. The Office Equipment is estimated to have a 5-year life with salvage value of P 40,000 starting from April 1, 2018. 4. The furniture and fixtures are estimated to last for 10 years with no salvage value. 5. The estimated useful life of the building is 20 yrs. with estimated salvage value of P 100,000. 6. The Professional fees include P 40,000 of advances made by one client for services still be rendered in the last week of December amounting to P 5,000 is schedule for payment on the first week of January 2020. 7. The company's estimate as allowance for uncollectible accounts is very minimal because it has not experienced defaulted accounts yet. The estimate for uncollectible accounts is 2% of Accounts Receivable. REQUIRED: Prepare the following a. Adjusting Entries b. Adjusted Trial Balance