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 Adjusted $ 30,000 42,500 72,500 Income Statements For Year Ended December 31 Unadjusted Adjustments Revenues Services revenue $ 24,000 Commissions revenue 42,500 Total revenues $ 66,500 Expenses Depreciation expense-Computers 0 b. Depreciation expense-Office furniture 0 C. Salaries expense 12,500 d Insurance expense 0 e. Rent expense 4,500 office supplies expense 0 Advertising expense 3,000 Utilities expense 1,250 9. Total expenses 21,250 $ 45,250 Net income 1,500 1,750 14,950 1,300 4,500 480 3,000 1,320 28,800 $ 43,700 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. 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 Record the adjusting entry related to salaries. Note: Enter debits before credits Event General Journal Debit Credit d Record entry Clear entry View general Journal revenue View transaction list Journal entry worksheet int Record the adjusting entry related to utilities, sk Note: Enter debits before credits Event General Journal Debit Credit int g ences Record entry Clear entry View general journal Seved h 03 Ex 3-15 1 Analyze the statements and prepare the seven adjusting entries a through g. that likel revenue that has been earned but not yet billed. No adjusting entry involves cash. View transaction list nts Journal entry worksheet eBook 1 3 4 5 6 7 Hint Record the Accounts receivable Accumulated depreciation-Computers Accumulated depreciation - Office furniture Advertising expense Ask Note: Enter det Event Debit Print Credit 9 erences Record entry Clear entry View general jour Prey 1 of 1 h 03 Ex 3-15 Swed 1 Analyze the statements and prepare the seven adjusting entries a through g. that likely were revenue that has been earned but not yet billed. No adjusting entry involves cash. View transaction list Ints Journal entry worksheet eBook