EXERCISES

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 $31,2014$

$\backslash$table$[[$Cash$,120,000,],[$Accounts Receivable,$60,000,],[$Office Supplies,$50,000,],[$Prepaid Insurance,$24,000,],[$Office Equipment,$240,000,],[$Furniture and Fixtures,$40,000,],[$Land$,800,000,168,000],[$Building$,1,300,000,500,000],[$Accounts Payable,,$1,800,000$