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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 uneared and prepaid items in balance sheet accounts. ALEXIS CO. Income Statements For Year Ended December 31 Unadjusted Adjusted Revenues Fees earned $24,000 $ 28, Bee Commissions earned 42,500 42,500 Total revenues $66,500 71, 3ee Expenses Depreciation expense-Computers 0 1, 2ee Depreciation expense-Office furniture B 1.400 Salaries expense 12.500 14,460 Insurance expense 1,040 Rent expense 4,500 4.See Office supplies expense 384 Advertising expense 3,000 3.ece Utilities expense 1.250 1.306 Total expenses 21,25 27.290 Net income $45,250 $44,ele Analyze the statements and prepare the seven adjusting entries that likely were recorded, Hint Entry for a refers to fees that have been eamed but not yet billed. None of the entries involve cash. Journal entry worksheet 2 4 5 6 Record the adjusting entry for accrued revenues. General Journal Debit Credit Pie Nes
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