Presented below, is the unadjusted trial balance of Abueva-Salomon Agency for the year ended December 31, 2012:

DEBIT CREDIT

Cash 126,000

Accounts Receivable 645,000

Prepaid Rent 360,000

Office Supplies 63,000

Furniture 2,175,000

Accumulated Depreciation-Furniture 435,000

Notes Payable 900,000

Accounts Payable 285,000

Abueva-Salomon, Capital 1,680,000

Abueva-Salomon, Withdrawals 1,200,000

Travel Revenues 5,133,000

Salaries Expense 3,771,000

Miscellaneous Expense 93,000

Information pertaining to Abueva-Salomon accounts are as follows:

a.On September 1, 2012, Abueva-Salomon paid Datoon Rental Agency 360,000 for 6 months' rent on the office building commencing that date.

b.Only 97% of accounts receivable is collectible.

c.Office supplies on hand at December 31, 2012 amounted to 20,000.

d.Depreciation expense for the furniture amounted to 60,000 for the year.

e.At December 31, 2012, 112,000 salaries have accrued.

f.The 900,000 notes payable was issued on October 1, 2012. It will be repaid in 12 months together with interest at an annual rate of 20%.

g.On December 31, 2012, the company rendered travel services. The bill was for 90,000 payable within 60 days. No cash has been collected, and no journal entry has been made for this transaction.

h.Unrecorded drawings 30,000.

i.Interest from bank deposits 1,500 still unrecorded.

Required:

• Journalize the adjusting entries.
• Prepare the Adjusted Trial Balance
• Prepare the Income Statement
• Prepare the Statement of Changes in Equity
• Prepare the Balance Sheet
• Journalize the closing entries
• Prepare the Post-Closing Trial Balance