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Following are two income statements for Alexis Co. for the year ended December 31. The left number column is prepared before adjusting entries are
Following are two income statements for Alexis Co. 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 For Year Ended December 31 Revenues Fees earned Commissions earned Total revenues Expenses Depreciation expense-Computers Depreciation expense-office furniture Salaries expense Insurance expense He Rent expense Pr Advertising expense office supplies expense Utilities expense Total expenses Net income Unadjusted Adjusted $24,000 $30,000 42,500 42,500 $66,588 72,500 B 1,500 1,750 12,500 14,958 0 1,300 4,500 4,500 488 3,000 3,000 1,250 1,320 21,250 2,00 $45,250 $43,700 Analyze the statements and prepare the seven adjusting entries that likely were recorded. Hint Entry for a refers to fees that have been earned but not yet billed. None of the entries involve cash View transaction Journal entry worksheet C A Record the adjusting entry for accrued revenues < Prev 37 Next >> 42 Z W 3 0 LL E 44 R 95 MacBook Pro 60 67 Y U S D F G H X 8 9 0 0 P K C V B N M comman
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