Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

journey entry 1. record the adjusting entry for accrued revenues. 2. record depreciation on computers. 3. Record depreciation on office furniture. 4. Record the adjusting

image text in transcribed

image text in transcribed

journey entry 1. record the adjusting entry for accrued revenues. 2. record depreciation on computers. 3. Record depreciation on office furniture. 4. Record the adjusting entry related to salaries. 5. Record the adjusting entry related to insurance. 6. Record the adjusting entry related to office supplies. 7. Record the adjusting entry related to utilities.

Swed 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 Foos warned Commissions earned Total revenues Expenses Depreciation expense-Computers Depreciation expense office furniture Salaries expense Insurance expense Rent expense Office Supplies expense Advertising expense Utilities expense Total expenses Net inte $24, $29,40 42, 42. See 3h, see 91,980 1,350 1,515 12,508 14, 1.1 4, 432 . 1.000 12 231 21,258 28,845 3-45,250 543,855 4,500 Analyze the statements and prepare the seven adjusting entries that likely were recorded. Hit Entry for a refers to fees have been earned but not yet billed. None of the entries involve cash View transaction ist adjusting entries are recorded, and the right column is prepared after adjusting ents payments related to unearned and prepaid items in balance sheet accounts. ALEXIS CO. Income Statements For Year Ended December 31 Unadjusted Adjusted $24,000 42,500 $66,500 $29,400 42,500 71,900 Revenues Fees earned Commissions earned Total revenues Expenses Depreciation expense-Computers Depreciation expense Office furniture Salaries expense Insurance expense Rent expense office supplies expense Advertising expense Utilities expense Total expenses Net income @ 12,500 4,500 0 3,000 1 250 21,250 $45,250 1,350 1,575 14,705 1,170 4,500 432 3,000 1,313 28,045 $43,855 Analyze the statements and prepare the seven adjusting entries that likely were rec been earned but not yet billed. None of the entries involve cash

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

Auditing A Practical Approach with Data Analytics

Authors: Raymond N. Johnson, Laura Davis Wiley, Robyn Moroney, Fiona Campbell, Jane Hamilton

1st edition

1119401747, 978-1119401742

More Books

Students also viewed these Accounting questions

Question

Th ey told me Id have to write a lett er. Whos got time for that?

Answered: 1 week ago