Exercise 3-8 Analyzing and preparing adjusting entries LO A1, P1, P3 Following are two income statements for Alexis Co. for the year ended December 31. The left column is prepared before any adjusting entries are recorded, and the right column includes the effects of adjusting entries. The company records cash receipts and payments related to uneamed and prepaid itemns in balance sheet accounts ALEXIS CO. Income Statements For Year Ended December 31 Unadjusted Adjusted Revenues es Fees earned Commissions earned Total revenues 24,000 42,500 $ 66,500 $28,800 42,500 71,300 Expenses Depreciation expense-Computers Depreciation expense-0ffice furniture 1,200 1,400 Salaries expense Insurance expense Rent expense 12,500 14,460 1,040 4,500 4,500 Office supplies expense Advertising expense Utilities expense 384 3.000 3,000 1,250 1,306 27 of 28 search DELL 27,290 Net income 45,250 $44,010 ts Analyze the statements and prepare the eight adjusting entries that likely were recorded. (Note 30 % of the $4,800 adjustment for Fees Earned has been earned but not billed, and the other 70% has been earned by performing services that were paid for in advance) eBook Hint Print View transaction list ferences Journal entry worksheet 2 1 3 4 5 6 7 8 Record the adjusting entry for accrued revenues. Note: Enter debits before credits. Conarat 1aurnat noble Cndie