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
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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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
$24,000
42,500
$66,500
$29,400
42,500
71,900
Commissions earned
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
12,500
4,500
3,000
1,250
21,250
3,000
1,313
28,045
$43,855
Net income
$45,250
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
laurna lentr workcheot](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F9889e932-fcf8-4bb5-b4cc-09a46ce61df6%2F4644d9c3-15be-4331-9a43-4bd25690c590%2F2miwfz_processed.jpeg&w=3840&q=75)
Transcribed Image Text:work
Saved
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
$24,000
42,500
$66,500
$29,400
42,500
71,900
Commissions earned
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
12,500
4,500
3,000
1,250
21,250
3,000
1,313
28,045
$43,855
Net income
$45,250
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
laurna lentr workcheot
![View transaction list
Journal entry worksheet
1
2
4
7
Record the adjusting entry for accrued revenues.
Note: Enter debits before credits.
Event
General Journal
Debit
Credit
Record entry
Clear entry
View general journal](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F9889e932-fcf8-4bb5-b4cc-09a46ce61df6%2F4644d9c3-15be-4331-9a43-4bd25690c590%2F8irzj1jk_processed.jpeg&w=3840&q=75)
Transcribed Image Text:View transaction list
Journal entry worksheet
1
2
4
7
Record the adjusting entry for accrued revenues.
Note: Enter debits before credits.
Event
General Journal
Debit
Credit
Record entry
Clear entry
View general journal
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