Following are two Income statements for Alexis Co. for the year ended December 31. The left number 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. The middle column shows a blank space for each Income statement effect of the elght adjusting entries a through g (the balance sheet part of the entries is not shown here). Adjusted $ 29,400 42,500 71,900 ALEXIS CO. Income Statements For Year Ended December 31 Unadjusted Adjustments Revenues Fees earned $24,000 Commissions earned 42,500 Total revenues $ 66,500 Expenses Depreciation expense-Computers b Depreciation expense-Office furniture Salaries expense 12,500 d. Insurance expense 3 e. Rent expense 4,500 Office supplies expense . Advertising expense 3, eee Utilities expense 1,250 Total expenses 21, 250 Net income $ 45, 250 1,350 1,575 14,705 1,170 4,500 432 3,000 1,313 28,845 $43,855 Analyze the statements and prepare the eight adjusting entries a through g that likely were recorded. Note: Answer for a has two entries 30% of (1) the $5,400 adjustment for Fees Earned has been earned but not billed, and (11) the other 70% has been earned by performing services that were paid for in advance. View transaction list X > 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. Credit 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. Note : = journal entry has been entered Record entry Clear entry View general journal