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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 recorded,
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 02 Unadjusted Adjusted Revenues Fees earned Commissions earned Total revenues $ 24,000 42,500 $28,800 42,500 71,300 Expenses $66,500 0 0 12,500 1,040 Depreciation expense-Computers Depreciation expense-Office Furniture Salaries expense Insurance expense Rent expense Office supplies expense Advertising expense Utilities expense Total expenses Net income 4,500 1,200 1,400 14,460 4,50 384 3,000 1,306 27,290 $44, 010 3,000 1,250 21,250 $45,250 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 list Journal entry worksheet Record the adjusting entry for accrued revenues. Note: Enter debits before credits Event General Journal Debit Credit a Record entry Clear entry View general Joumal View transaction list Journal entry worksheet Record depreciation on computers. Note: Enter debits before credits. Event General Journal Debit Credit b Record entry Clear entry View general Journal Journal entry worksheet 1 2 3 4 5 6 7 > Record depreciation on office furniture. Note: Enter debits before credits Event General Journal Debit Credit C Record entry Clear entry View general journal been earned but not yet billed. None of the entries involve cash. e rded. Hint: E View transaction list Journal entry worksheet Record the adjusting entry related to office supplies. Note: Enter debits before credits. Event General Journal Debit Credit f Record entry Clear entry View general journal Journal entry worksheet
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