Online assignment M\&S advertising agency had the following adjusted account balances on Dec.31.2021: Cash 50,000; Account receivable 1,500; supplies 2,500; equipment 21,000; Accumulated depreciation - equipment 3,000 ; account payable 22,000; share capital ordinary 20,000 ; Retained earnings 30,000 . The following transactions occurred during the first quarter of the year 2022: Jan.2.2022. M \& S received $30,000 from customers in advance for services to be provided until the end of the year. Jan.5.2022. M \& S purchased $10,000 supplies and paid the amount in cash. Jan.15.2022. M \& S performed $5,000 of advertising services on account. Feb.1. 2022. M \& S purchased $66,000 building and signed a 10%,18 months, 66,000 note. Feb.20.2022. M \& S paid $12,000 in advance for insurance policy. This insurance policy will cover one year starting from feb.1.2022. Feb.25.2022. M \& S paid its employees $11,000 for salaries and wages for both January and February. You also know the following information regarding M\&S advertising agency: - The company prepares its financial statements Quarterly. - On march.31.2022, A count of supplies had shown $500 of supplies on hand. - On march. 31.2022, it was found that $20,500 services that were performed on account during the previous three months are not recorded. - On march.31.2022, employees worked for one month that were not recorded nor paid (salaries are the same each month). - Depreciation on equipment is $1,500 each month, Depreciation on building is $2,500 each month. - Each month the company performs the same amount of its services obligation. Required: (1) Prepare the Trial balance on march.31.2022 for M\&S advertising agency (2) Prepare the adjusted trial balance on march.31.2022 for M\&S advertising agency (3) Prepare the income statement for the first quarter of 2022 for M\&S advertising agency (4) Prepare the Retained earnings statement for the first quarter of 2022 for M\&S advertising agency (5) Prepare the balance sheet at March.31.2022 for M\&S Advertising agency