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 unearned and prepaid items in balance sheet accounts ALEXIS CO Income Statements For Year Ended December 31 Unadjusted Adjusted $24.000 42,500 $66, 500 $30,600 42,500 73.100 Tees earned Commissions earned Total revenues Expenses Depreciation expense-Computers Depreciation expense office furniture Salaries expense Insurance expense pont expense Office supplies expense Advertising expense Utilities expense Total expenses Net income 0 12,500 1.650 1,925 15,195 1.430 ,500 528 .000 4.500 3.000 21,250 145.250 29,555 343,565 Analyze the statements and prepare the eight adjusting entries that likely were recorded. (Note: 30% of the $6,600 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.) View transaction list Journal entry worksheet 5,250 $43,545 Analyze the statements and prepare the eight adjusting entries that likely were recorded. (Note: 30% of the $6,600 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.) View transaction list Journal entry worksheet 2 3 4 5 6 7 8 Record the adjusting entry for accrued revenues. Note: Enter debits before credits General Journal Debit Credit Date Dec 31 Record entry Clear entry View general Journal