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What goes in No.1 and please check the rest Following are two income statements for Alexis Co. for the year ended December 31. The left
What goes in No.1
and please check the rest
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 unearned and prepaid items in balance sheet accounts. Income Statements For Year Ended December 31 Unadjusted Adjusted Revenues Fees earned $24,000 $30,600 Commissions earned 42,500 42,500 Total revenues $66,500 73, 100 Expenses Depreciation expense-Computers 1,650 Depreciation expense-Office furniture 1,925 Salaries expense 12,500 15,195 Insurance expense 1,430 Rent expense 4,500 4,500 Office supplies expense 528 Advertising expense 3,000 3,000 Utilities expense 1,250 1,327 Total expenses 21,250 29,555 Net income $45,250 $43,545 Analyze the statements and prepare the seven adjusting entries that likely were recorded. Hint: Entry for a refers to fees that have been earned but not yet billed. None of the entries involve cash. View transaction list View journal entry worksheet General Journal Debit Credit No 1 Event a Accounts receivable Fees earned 2b 1,650 Depreciation expense-Computers Accumulated depreciationComputers 1,650 1,925 Depreciation expense-Office furniture Accumulated depreciation Office furniture 1,925 2,695 Salaries expense Salaries payable 2,695 1,430 Insurance expense Prepaid insurance 1,430 528 Office supplies expense Office supplies 528 77 Utilities expense Utilities payableStep by Step Solution
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