I am struggling to understand this problem, especially the adjustments, closing entries, and reversing entries since this is the first time I have stumbled upon this and our teacher just told me to base the answers on the book but I am still having a hard time to understand it. It would be a pleasure if someone could explain it to me step-by-step to help me in my upcoming midterms. Thank you.

Comprehensive Problem - Completing Accounting Cycle Presented below is the unadjusted trial balance of the Serena Williams Information Systems for the year ended Dec. 31, 2020: Serena Williams Information Systems Unadjusted Trial Balance Dec. 31, 2020 Cash 45,000 Notes Receivable 360,000 Accounts Receivable 156,000 Office Supplies 63,000 Land 300,000 Building 1,590,000 Accumulated Depreciation-Building 254,000 Equipment 2,150,000 Accumulated Depreciation-Equipment 612,000 Accounts Payable 213,000 Unearned Consulting Revenues 450,000 Williams, Capital, 1/1/2020 2,655,000 Williams, Withdrawals 600,000 Consulting Revenues 2,108,000 Salaries Expense 875,000 Repairs Expense 16,000 Miscellaneous Expense 37,000 Totals P 6,292,000 6,292,000 Requirement: 1. Prepare and complete the worksheet using the following information: a. Office supplies on hand as at Dec. 31, 2020 is P21,000. b. One-third of the unearned revenues has been earned as at Dec. 31, 2020. C. Depreciation for the year amounted to P38,000 for the building and P123,000 for the equipment. d. Salaries in the amount of P14,000 have accrued at year-end. e. The notes receivable were accepted from several customers. The notes were issued on Sept. 1, 2020 and will be settled together with a 20% interest on May 31, 2021. 2. Prepare an Income Statement, a Statement of Changes in Equity and Balance Sheet. 3. Journalize and post (use the T-account) the adjusting and closing entries. 4. Prepare a post-closing trial balance. 5. Journalize and post (use the T-account) the reversing entries