Following are two income statements for Alexis Company for the year ended December 31. The left...
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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. Revenues Services revenue Commissions revenue Total revenues Expenses Depreciation expense-Computers Income Statements For Year Ended December 31 Unadjusted Adjustments Adjusted $ 18,000 36,500 $ 25,000 36,500 $ 54,500 61,500 b. 1,600 1,850 13,500 d. 15,750 0 3,800 0 2,500 1,400 3,800 580 2,500 1,245 21,045 $ 33,455 1,335 28,815 $ 32,685 Depreciation expense-Office furniture Salaries expense Insurance expense office supplies expense Rent expense Advertising expense Utilities expense Total expenses Net income Analyze the statements and prepare the seven adjusting entries a. through g. that likely were recorded. Hint The entry for a refers to revenue that has been earned but not yet billed. No adjusting entry involves cash. View transaction list Journal entry worksheet 2 3 4 5 6 7 Net income $ 33,455 Analyze the statements and prepare the seven adjusting entries a. through g. that likely were recorded. Hint. The entry for a. refers to revenue that has been earned but not yet billed. No adjusting entry involves cash. View transaction list Journal entry worksheet 2 3 4 5 6 7 Record the adjusting entry for accrued revenues. Note: Enter debits before credits. Event a General Journal Debit Credit Record entry Clear entry View general journal 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. Revenues Services revenue Commissions revenue Total revenues Expenses Depreciation expense-Computers Income Statements For Year Ended December 31 Unadjusted Adjustments Adjusted $ 18,000 36,500 $ 25,000 36,500 $ 54,500 61,500 b. 1,600 1,850 13,500 d. 15,750 0 3,800 0 2,500 1,400 3,800 580 2,500 1,245 21,045 $ 33,455 1,335 28,815 $ 32,685 Depreciation expense-Office furniture Salaries expense Insurance expense office supplies expense Rent expense Advertising expense Utilities expense Total expenses Net income Analyze the statements and prepare the seven adjusting entries a. through g. that likely were recorded. Hint The entry for a refers to revenue that has been earned but not yet billed. No adjusting entry involves cash. View transaction list Journal entry worksheet 2 3 4 5 6 7 Net income $ 33,455 Analyze the statements and prepare the seven adjusting entries a. through g. that likely were recorded. Hint. The entry for a. refers to revenue that has been earned but not yet billed. No adjusting entry involves cash. View transaction list Journal entry worksheet 2 3 4 5 6 7 Record the adjusting entry for accrued revenues. Note: Enter debits before credits. Event a General Journal Debit Credit Record entry Clear entry View general journal
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Related Book For
Fundamental accounting principle
ISBN: 978-0078025587
21st edition
Authors: John J. Wild, Ken W. Shaw, Barbara Chiappetta
Posted Date:
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