Question 1 (Compulsory) Allied Architects adjusts its books each month and closes its 2020, before adjustments are as follows: Credit $21.600 17.350 15,840 18,900 23,850 78,570 Debit Cash $39.645 Accounts Receivable 27.000 Prepaid Insurance 3,375 Prepaid Advertising 7.560 Equipment 64.800 Accumulated Depreciation Equipment Unearned Consulting Fees Income Taxes Payable Share Capital Retained Earings Consulting Fees Farned Salaries Expense 28,800 Utilities Expense 1.080 Rent Expense 4.050 $176,310 $176,310 The following information relates to month-end adjustments (January 2020): (a) According to contracts, consulting fees received in advance that were cared in January total $6,500 (b) On 1 January 2020, the company paid in advance for 5 months' advertising expense (prepaid advertising). 75to () (c) On 31 January 2020, 675 prepaid insurance expired. (d) The equipment has 10 years estimated useful life. $4700-10 1420 = X V12 (e) Performed consulting services on account for $200 on 31 January 2020 and have not billed and recorded. (1) Allowance for doubtful account should have a balance of $200 on 31 January 2020. Required (a) Prepare the journal entries for the above month-end adjustments, (b) Prepare the income statement for the month-end January 31, 2020 (e) Prepare the classified statement of financial positions for January 31, 2020