DBS Accounting firm, started operation only on April 1, 2014 and it provides accounting and tax services to big establishments in Metro Manila. Its accounting period ends Dec. 31, and on this date, adjusting entries are prepared. The trial balance of DBS Accounting Firm at Dec. 31, 2014 follows: DBS Accounting Firm Trial Balance December 31, 2014 Cash Accounts Receivable: Office Supplies Prepaid Insurance 120,000 60,000 50,000 24,000 Office Equipment 240,000 Furniture and Fixtures 40,000 Land 800,000 Building 1,300,000 Loans Payable Accounts Payable DBS, Capital Professional fees. Salaries Expense Advertising Expense Transportation Expense. Utilities Expense Miscellaneous Expense 168,000 500,000 1,800,000 540,000 250,000 36,000 10,000 70,000 Total 8,000 P 3,008,000 P 3,008,000 Additional Information 1. An inventory of office supplies on December 31, 2014 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, 2013. 3. The Office Equipment is estimated to have a 5 year life with salvage value of P 40,000 starting from April 1, 2013. 4. The furniture and fixtures is 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 2015. 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 c. Income Statement, Statement of Changes in Equity and Balance Sheet