Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The unadjusted amount needs to be found.. Following are two income statements for Alexis Co. for the year ended December 31. The left number column

image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
The unadjusted amount needs to be found..
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 $24.ee $30,00 Commissions earned 42.589 42,560 Total revenues $66,500 72,500 Expenses Depreciation expense-Computers 1. See Depreciation expense-Office furniture 1.750 Salaries expense 12,5ee 14,950 Insurance expense 1,300 Rent expense 4,500 4,500 Office supplies expense Advertising expense 3,000 3.000 Utilities expense 1,250 1,320 Total expenses 21,250 28,800 Net Income 545.250 $43,700 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) the $6.000 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

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

Data Analytics Using Microsoft Excel With Accounting And Finance Datasets Version 2.0

Authors: Joseph M. Manzo

1st Edition

1453395210, 9781453395219

More Books

Students also viewed these Accounting questions