Exercise 3-7 Analyzing and preparing adjusting entries LO P5 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 Commissions earned $24,000 42,500 $66,500 $29,400 42,500 71,900 Total revenues Expenses Depreciation expense-Computers Depreciation expense-Office furniture Salaries expense Insurance expense Rent expense Office supplies expense Advertising expense Utilities expense Total expenses 1,350 1,575 14,705 1,170 4,500 432 3,000 1,313 28,045 $43,855 12,500 4,500 3,000 1,250 21,250 $45,250 Net income 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

Exercise 3-7 Analyzing and preparing adjusting entries LO P5 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 Commissions earned $24,000 42,500 $66,500 $29,400 42,500 71,900 Total revenues Expenses Depreciation expense-Computers Depreciation expense-Office furniture Salaries expense Insurance expense Rent expense Office supplies expense Advertising expense Utilities expense Total expenses 1,350 1,575 14,705 1,170 4,500 432 3,000 1,313 28,045 $43,855 12,500 4,500 3,000 1,250 21,250 $45,250 Net income 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

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

How do I do this ?
Please do not give solution in image format thanku
(4,098 x Q Dashboard| A Student App x Personal Fina x A Personal Fine x E Copy of Type x E Copy of Fin A docs.google.com/document/d/1s1g5jyXKAJBCz3Me2IHOIXRndL7L4IL GRQvZlpgsx4/edit 1 HCS Global Bookmarks Tm Grades: View T Rounding Calculator O All Games- Unbloc. SiS Grades and Attend..K Kahoot! | Details Copy of Types of Credit CS: Payday Loan, Bankruptcy..What Should I Do? File Edit View Insert Format Tools Add-ons Help Last edit was seconds ago 100% Normal text Calibri 11 + BI UA 回回, 三, 三ニ 6 www.ngof.org Updat 9/20/18 11. What would be the financial impact of Lily taking out this Payday Loan? How do borrowers get trapped in an inescapable cycle of borrowing money when using this type of loan? 12. Using THIS spreadsheet, calculate the total cost of Lily taking this Payday Loan. As you know, short-term loans are rarely short-term. Many borrowers renew or refinance their loan because they do not have the funds to pay it off on the due date. For this example, assume Lily renews her loan…
Help fill out rest of chart
Good day Please refer to attachment for question.
Safari File Edit View History Bookmarks Window Help Inbox (3,222) - tonygonzalez0100@g... learn-us-east-1-prod-fleet02-xythos.content.blackboardcdn.com Bb Welcome, Tony - Blackboard Learn The Effect of Compounding 4. Use the TVM Calculator to fill in the following table given that the APR is 6%. Round to 2 decimal places as needed. PV = PMT = FV = APR = Periods = CHANGES Compounding: CHANGES Bb NCBM 0222/MATD 0485 Unit 4 Conte... DEC 7 Principal Compounding Periods Annually $1,000 $1,000 $1,000 $1,000 $1,000 Semiannually tv Monthly Weekly Bb https://learn-us-east-1-prod-fleet02-x... Daily If we summarize the effect seen in the table, we see that more compoundings per year means that you will have more money in the account, but the amount of increase will eventually level off. Most Screenshot publish the APY, or Annual Percentage Yield, instead of the APR to account for this effect. Amount after 1 year A 5 32 4/ Ơ Wed Dec 7 12:11 AM b Success Confirmation of Question Sub... t PM PM . PM…
I have answered A-I in the pictures I posted below. I need the answers to J-L.
solve below all questions tqvm p=1 q=9 r=0 s=1 t=7 u=0
1537_1&content_id= _43546 1 Guest On January 8, ABC Company purchases Raw material of $42,000 on account On January 30, ABC Company incurs $32,000 of factory labor costs. Of that amount, $27,000 relates to wages payable and $5,000 relates to payroll taxes payable in February 30/1/2020 ABC company incurred the following manufacturing overhead for the month of January: $1500 Depreciation of factory machines $3000 Depreciation of factory building $500 Factory water and electricity bill on account $250 Factory building property taxes will be paid at the end of the year 2020 $200 Factory machines repair on account On January, ABC Company uses $24,000 of direct materials and $6,000 of indirect materials in January On January, the $32,000 total factory labor cost consists of $28,000 of direct labor and $4,000 of indirect labor 7:36 PM 20°C Clear A S O la 11/6/2021
I need help
FreeTaxUSAⓇ -- X2021 Schedule C x Gmail art 1 - Scenario 8 с • hrblock.csod.com/Evaluations/EvalLaunch.aspx?loid-47a30875-9c0b-4ea2-bf63-40a9c98c0b29&evalLvl=5&redirect_url=%2fphnx%2fd YouTube Maps FreeTaxUSAⓇ LE - Sig... I TRADE ONLINE INVESTMENTS 5631 LA HABRA PARKWAY, STE 13 YOUR CITY, YS XXXXX (XXX)548-5734 CORRECTED (if checked) PAYER'S name, street address, city or town, state or province, country. ZIP Applicable checkbox on Form 8949 or foreign postal code, and telephone no. D PAYER'S TIN eview the following scenario. Use the information provided to answer questions about the taxpayer's 2021 return. he sale was reported to him on Form 1099-B. avier Brown (32) is filing as a single taxpayer. During the year, he was unhappy with the performance of an investment he had made in ALX Corporation in 2019. Xavier sold his sha Cavier had no other capital gains or losses during the year. His only other income was from wages. 07-2011702 Question 15 of 50. Xavier received the following Form…
Chrome File Edit View History Bookmarks Profiles Tab Window Help Wed Dec 1 5:52 PM Pre-Lectur X NWP Asse X My Questi X C Get Home X C On Januar x On Januar X C Shown Bel X M Uh-oh! Th X Shown bel X | + New Tab education.wiley.com/was/ui/v2/assessment-player/index.html?launchld=0f58f312-a099-40d2-900a-bb5ccf4dc4f8#/question/3 Q : Apps How to Partition a... My Videos - Cal P... * Bookmarks New Tab Betsy Stewart's P... Reading List E Pre-Lecture Assignment #2: Chapter 9 Question 4 of 4 - / 25 View Policies Current Attempt in Progress Suppose during 2022 that Federal Express reported the following information (in millions): net sales of $35,000 and net income of $80. Its balance sheet also showed total assets at the beginning of the year of $24,700 and total assets at the end of the year of $23,300. How to Partition and Format a WD Drive on Wi. e the asset turnover and return on assets. (Round asset turnover to 2 decimal places, e.g. 6.25 and return on assets to 1 decimal…