Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Following are two Income statements for Alexis Co. for the year ended December 31. The le number column 6 prepared before adjusting entries are recorded,

image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
Following are two Income statements for Alexis Co. for the year ended December 31. The le number column 6 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 For your ndod Documber 31 Unadjunted Moned venue $24.000 $29.400 missions earned 42,500 42,500 atal revenue $66,500 71,900 Expenses De stion expense-Computers 0 1,350 Dep ation expense office furniture 0 1,575 Salaries expense 12,500 14,905 Insurance expense 0 1,170 Rent expense 4,500 4,500 office supplies expense 0 432 Advertising expense 3,000 3.000 Utilities expense 1,250 1,313 Total expenses 21,250 28,045 $45,250 $43,855 Net Income 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 2. 3 4 Record the adjusting entry for accrued revenues. Note Enter debits before credits Event General Journal Debit Credit a Record entry Clear entry View general journal View transaction list Journal entry worksheet 3 5 > Record depreciation on computers. e: Enter debits before credits. Event General Journal Debit Credit Vlew general Journal Record entry Clear entry View transaction list dournal entry worksheet N 4 Record depreciation on office furniture. Notes Enter debits before credits Debit Credit Event General Journal View general journal Clear entry Record entry View transaction list Journal entry worksheet 2 3 5 cord the adjusting entry related to salaries. Note: Enter debits before credits. General Journal Debit Event Credit View general journal Clear entry Record entry Journal entry worksheet 2 3 6 3 Record the adjusting entry related to insurance. Note: Enter debits before credits. Event General Journal Debit Credit e View general journal Clear entry Record entry View transaction list Journal entry worksheet 2 3 5 7 Record the adjusting entry related to office supplies. Nate Enter debits before credits Event General Journal Debit Credit 1 View general Journal Record entry Clear entry View transaction list Journal entry worksheet 2 3 5 6 Record the adjusting entry related to utilities. Note: Enter debits before credits. Debit Credit Event General Journal g View general Journal Clear entry Record entry

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Principles Of Auditing And Other Assurance Services

Authors: Ray Whittington, Kurt Pany

19th International Edition

125909524X, 9781259095245

More Books

Students also viewed these Accounting questions

Question

WHERE is the integration to be performed?

Answered: 1 week ago

Question

describe the main employment rights as stated in the law

Answered: 1 week ago