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Please i need a Journal Entry number 1 to 8 thanks... Following are two income statements for Alexis Co. for the year ended December 31.
Please i need a Journal Entry number 1 to 8 thanks...
Following are two income statements for Alexis Co. for the year ended December 31. The left number column is prepared before any adjusting entries are recorded, and the right column includes the effects of adjusting entries. The company records cash receipts and payments related to unearned and prepaid items in balance sheet accounts. The middle column shows a blank space for each income statement effect of the eight adjusting entries a through g (the balance sheet part of the entries is not shown here). ALEXIS co Income Statements For Year Ended December 31 Unadjusted Adjustments Adjusted Revenues Fees earned Commissions earned Total revenues $24,800 42,58e $66,560 $28,800 42,50e 71,300 Expenses Depreciation expense-Computers Depreciation expense-Office furniture Salaries expense Insurance expense Rent expense Office supplies expense Advertising expense Utilities expense Total expenses 1,280 1,400 14,460 1,848 4, 500 384 3,808 1,306 12,500 4,500 3,800 1,250 21,250 $45,25e Net income $44,018 Analyze the statements and prepare the eight adjusting entries a through g that likely were recorded. Note: Answer for a has two entries 30% of (i) the $4.800 adjustment for Fees Earned has been earned but not billed, and (ii) the other 70% has been earned by performing services that were paid for in advance Journal entry worksheet 1. Record the adjusting entry for accrued revenues 2. Record the adjusting entry related to fees collected in advance 3. Record depreciation on computers 4. Record depreciation on office furniture 5. Record the adjusting entry related to salaries. Record the adjusting entry related to insurance 7. Record the adjusting entry related to office supplies 8. Record the adjusting entry related to utilitiesStep by Step Solution
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