Management Group, Inc., adjusts and closes its books each month.The trial balance at March 31, 2011 before adjustments is as follows:

1.Prepare the required adjusting entries in journal form.

2.After the proper adjusting entry is made, what is the balance in the Unearned Consulting Fees account at March 31?

Problem Management Group, Inc., adjusts and closes its books each month. The trial balance at March 31, 2011 before adjustments is as follows: Debit 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........................ Credit 26,650 30,000 3,750 8,400 72,000 32,000 1,200 4,500 178,500 ====== 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, 2011, the company paid in advance for 6 months' advertising in professional journals. c 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 in journal form. 2. After the proper adjusting entry is made, what is the balance in the Unearned Consulting Fees account at March 31