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Exercise 3-7 Analyzing and preparing adjusting entrles 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 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 $24,00e 42,500 $66, 500 $29, 400 42,500 71,900 1,35e 1,575 14, 705 1,178 4, 500 12,50e 4,500 432 3,000 1,25e 3, e00 1,313 28,845 21,250 Net income $45, 25e $43,855 Analyze the statements and prepare the seven adjusting entries that likely wvere recorded. Hint: Entry for a refers to fees that have been earned but not yet billed. None of the entries involve cash. X Answer is not complete. No Event General Journal Debit Credit Accounts receivable 5,400 O Fees earned 5.400 Depreciation expense-Computers 1,350 Accumulated depreciation-Computers 1.350 Depreciation exxpense-Office furniture 1,575

Exercise 3-7 Analyzing and preparing adjusting entrles 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 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 $24,00e 42,500 $66, 500 $29, 400 42,500 71,900 1,35e 1,575 14, 705 1,178 4, 500 12,50e 4,500 432 3,000 1,25e 3, e00 1,313 28,845 21,250 Net income $45, 25e $43,855 Analyze the statements and prepare the seven adjusting entries that likely wvere recorded. Hint: Entry for a refers to fees that have been earned but not yet billed. None of the entries involve cash. X Answer is not complete. No Event General Journal Debit Credit Accounts receivable 5,400 O Fees earned 5.400 Depreciation expense-Computers 1,350 Accumulated depreciation-Computers 1.350 Depreciation exxpense-Office furniture 1,575

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Please help me figure out why it’s not complete and make it clear please thank you
Exercise 3-7 Analyzing and preparing adjusting entrles 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 $24,00e 42,500 $66, 500 $29,400 42,500 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 71,900 1,350 1,575 14, 705 1,178 4, 500 432 3, e00 1.313 28, 845 $43,855 12,5ee 4, 50e 3,090 1,25e 21, 250 $45,258 Net income Analyze the statements and prepare the seven adjusting entries that likely wvere recorded. Hint: Entry for a refers to fees that have been earned but not yet billed. None of the entries involve cash. X Answer is not complete. No Event General Journal Debit Credit 1. Accounts receivable 5.400 Fees earned 5,400 Depreciation expense-Computers 1.350 Accumulated depreciation-Computers 1,350 3 Depreciation expense-Office furniture 1,575 O 1,575
Transcribed Image Text:Exercise 3-7 Analyzing and preparing adjusting entrles 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 $24,00e 42,500 $66, 500 $29,400 42,500 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 71,900 1,350 1,575 14, 705 1,178 4, 500 432 3, e00 1.313 28, 845 $43,855 12,5ee 4, 50e 3,090 1,25e 21, 250 $45,258 Net income Analyze the statements and prepare the seven adjusting entries that likely wvere recorded. Hint: Entry for a refers to fees that have been earned but not yet billed. None of the entries involve cash. X Answer is not complete. No Event General Journal Debit Credit 1. Accounts receivable 5.400 Fees earned 5,400 Depreciation expense-Computers 1.350 Accumulated depreciation-Computers 1,350 3 Depreciation expense-Office furniture 1,575 O 1,575
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