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Please help me with the following: Income Statements For Year Ended December 31 Unadjusted Adjustments Adjusted Revenues Services revenue $ 18,000 a. $ 25,000 Commissions
Please help me with the following:
Income Statements | |||
---|---|---|---|
For Year Ended December 31 | |||
Unadjusted | Adjustments | Adjusted | |
Revenues | |||
Services revenue | $ 18,000 | a. | $ 25,000 |
Commissions revenue | 36,500 | 36,500 | |
Total revenues | $ 54,500 | 61,500 | |
Expenses | |||
Depreciation expenseComputers | 0 | b. | 1,600 |
Depreciation expenseOffice furniture | 0 | c. | 1,850 |
Salaries expense | 13,500 | d. | 15,750 |
Insurance expense | 0 | e. | 1,400 |
Rent expense | 3,800 | 3,800 | |
Office supplies expense | 0 | f. | 580 |
Advertising expense | 2,500 | 2,500 | |
Utilities expense | 1,245 | g. | 1,335 |
Total expenses | 21,045 | 28,815 | |
Net income | $ 33,455 | $ 32,685 |
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.
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