Revenues Fees earned 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 $18,000 $25,000 Commissions earned 36,500 36,500 Total revenues $54,500 61,500 Expenses Depreciation expense-Computers 1,600 Depreciation expense-Office furniture c. 1,850 Salaries expense 13,500 d. 15,750 Insurance expense 1,400 Rent expense 3,800 3,800 Office supplies expense 0 Advertising expense 2,500 2,500 Utilities expense 1,245 9. 1,335 Total expenses 21,045 28,815 Net income $33,455 $32,685 b. 0 0 0 580 Analyze the statements and prepare the eight adjusting entries a through g that likely were recorded. Note: Answer for a has two entries (1) the $7,000 adjustment for Fees Earned, 30% (or $2,100) has been earned but not billed, and (ii) the other 70% (or $4,900) has been earned by performing services that were paid for in advance