Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Main Group, Inc., adjusts and closes its books each month. The trial balance at March 31, 2019 before adjustments is as follows: Cash........ Accounts

The trial balance at March 31, 2019 before Main Group, Inc., adjusts and closes its books each month. adjustments is as follo 

Main Group, Inc., adjusts and closes its books each month. The trial balance at March 31, 2019 before adjustments is as follows: Cash........ Accounts Receivable............... Supplies........ Prepaid Advertising. Equipment......... Accumulated Depreciation: Equipment Unearned Consulting Fees.............. Capital Stock.................. Retained Earnings... Consulting Fees Earned.. Salaries Expense........ Utilities Expense.. Rent Expense...... Debit 26,650 30,000 3,750 8,400 72,000 32,000 1,200 4,500 178,500 Credit 25,000 19,500 20,000 26,500 87,500 178,500 The following information relates to month-end adjustments: a According to contracts, consulting fees received in advance that were earned in March total $13,000. b On January 1, 2019, the company paid in advance for 6 months' advertising in professional journals. At March 31, supplies on hand amount to $1,250. d The equipment has an original estimated useful life of 6 years. Required: 1. Prepare the required adjusting entries (March 31, 2019) in the journal form. 2. After the proper adjusting entries are made, what are the balances in the Unearned Consulting Fees and Accumulated Depreciation: Equipment accounts on March 31? 3. After closing entries on March 31, how much is the Total Stockholders' Equity. Include your bases/details for your this answer.

Step by Step Solution

3.43 Rating (143 Votes )

There are 3 Steps involved in it

Step: 1

1 Account Titles Debit Credit a Unearned Consulting Fees 13000 Consulting Fees Earned 130... blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Horngrens Accounting

Authors: Tracie L. Miller Nobles, Brenda L. Mattison, Ella Mae Matsumura

11th edition

978-0133851151, 013385115X, 978-0133866889

More Books

Students also viewed these Accounting questions

Question

What is the purpose of sensitivity analysis?

Answered: 1 week ago

Question

What is cost-volume-profit analysis?

Answered: 1 week ago