Exercise 3-15 (Algo) Analyzing and preparing adjusting entries LO P5 Following are two income statements for Alexis Company for the year ended December 31. The left number column is prepared before adjusting entries are recorded, and the right column is prepared after adjusting entries. The company records cash receipts and payments related to unearned and prepaid Items in balance sheet accounts. Income Statements Revenues Services revenue Commissions revenue Total revenues Expenses Depreciation expense-Computers For Year Ended December 31 Unadjusted Adjustments Adjusted $ 24,000 42,500 $ 31,200 42,500 $ 66,500 73,700 Depreciation expense-Office furniture Salaries expense Insurance expense Rent expense office supplies expense Advertising expense Utilities expense Total expenses Net income 1,800 e 2,100 12,500 15,440 1,560) 4,500 4,500) e 576 3,000 3,000 1,250 3,334 21,250 30,310 $45,250 $ 43,390 Analyze the statements and prepare the seven adjusting entries a. through g. that likely were recorded. Hint The entry for a refers to revenue that has been earned but not yet billed. No adjusting entry involves cash View transaction list Journal entry worksheet Prev Next Analyze the statements and prepare the seven adjusting entries a through g. that likely were recorded. Hint. The entry for a. refers to revenue that has been earned but not yet billed. No adjusting entry Involves cash. View transaction list Journal entry worksheet Umice supplies Record the Office supplies expense Prepaid advertising Note: Enter det Prepaid Insurance Event Prepaid rent Rent expense Insurance expense 5 Debit Credit 150 1,430 Record entry Clear entry View general journal Next