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Part III: Problem Main Group, Inc., adjusts and closes its books each month. The trial balance at March 31, 2019 before adjustments is as follows:
Part III: Problem Main Group, Inc., adjusts and closes its books each month. The trial balance at March 31, 2019 before adjustments is as follows: Debit Credit 26,650 Accounts Receivable ........ 30,000 3,750 Prepaid Advertising ... 8.400 Equipment.. 72,000 Accumulated Depreciation: Equipment 25,000 Unearned Consulting Fees............ 19,500 Capital Stock.. 20,000 Retained Earnings................."; 26,500 Consulting Fees Earned...... 87,500 Salaries Expense...... 32,000 Utilities Expense..... 1,200 4,500 178,500 178,500 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. 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. 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
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