Question
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,
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.
AND PLEASE EXPLAIN HOW YOU FOUND IT AND WHAT TO DO
1.) Record the adjusting entry for accrued revenues.
2.) Record the adjusting entry related to fees collected in advance.
3.) Record depreciation on computers.
4.) Record depreciation on office furniture.
5.) Record the adjusting entry related to salaries.
6.) Record the adjusting entry related to insurance.
7.) Record the adjusting entry related to office supplies.
8.) Record teh adjusting entry related to utilities,
ALEXIS CO Income Statements For Year Ended December 31 Unadjusted Adjusted Revenues Fees earned Commissions earned Total revenues $24,8e8 $29,488 42,58842,589 $66,588 71,988 Expenses Depreciation expense-Computers Depreciation expense-Office furniture Salaries expense Insurance expense Rent expense Office supplies expense Advertising expense Utilities expense Total expenses 1,358 1,575 14,785 1,178 4,588 432 3,808 1,313 21,258 28,893 $45,258 $43,855 12,5e8 4,588 3,888 1,258 Net income ALEXIS CO Income Statements For Year Ended December 31 Unadjusted Adjusted Revenues Fees earned Commissions earned Total revenues $24,8e8 $29,488 42,58842,589 $66,588 71,988 Expenses Depreciation expense-Computers Depreciation expense-Office furniture Salaries expense Insurance expense Rent expense Office supplies expense Advertising expense Utilities expense Total expenses 1,358 1,575 14,785 1,178 4,588 432 3,808 1,313 21,258 28,893 $45,258 $43,855 12,5e8 4,588 3,888 1,258 Net incomeStep by Step Solution
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