Answered step by step
Verified Expert Solution
Question
00
1 Approved Answer
Following are two Income statements for Alexis Company for the year ended December 31. The left number column is prepared before adjusting entries are recorded,
Following are two Income statements for Alexis Company 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 Unadjusted Adjustnents Adjusted Revenue Services revenue $ 24,000 $ 31,200 Commissions revence 42,500 42,500 Total revenues $ 66,500 73,700 Expenses Depreciation expense-Computers b. 1,800 Depreciation expense-office furniture 0 e. 2,100 Solaries expense 12,500 d 15,440 Insurance expono 0 0. 1,560 Rent expense 4,500 4,500 office supplies expenne 0 576 Advertising expense 3,000 3,000 Utilities expense 1.250 9. 1,334 Total expenses 21,250 30,310 Net Income $ 45,250 $ 43,390 Analyze the statements and prepare the seven adjusting entries a through that likely were recorded. Hinc The entry for refers to revenue that has been earned but not yet billed. No adjusting entry involves cash Journal entry worksheet Record depreciation on office furniture. Note: Enter debits before credits Event General Journal Debit Credit Journal entry worksheet Record the adjusting entry related to salaries. Note: Enter debits before credits. General Journal Event d Debit Credit Journal entry worksheet Record the adjusting entry related to office supplies. Note: Enter debits before credits. General Journal Event f Debit Credit Record entry Clear entry View general Journal Journal entry worksheet
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access with AI-Powered Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started