Exercise 3-7 Analyzing and preparing adjusting entries LO P5Following are two income statements for Alexis Co. for the year ended December 31. The left number column is prepared beforeadjusting entries are recorded, and the right column is prepared after adjusting entries. The company records cash receipts andpayments related to unearned and prepaid items in balance sheet accounts.Income StatementsFor Year Ended December 31Unadjusted AdjustedRevenues$ 24,00042,500$ 66,500$30,60042,50073,100Fees earnedCommissions earnedTotal revenuesExpensesDepreciation expense-ComputersDepreciation expense-Office furnitureSalaries expense1,6501,92515,1951,4304,5005280.12,500Insurance expense4,500Rent expenseOffice supplies expenseAdvertising expenseUtilities expenseTotal expenses3,0001,32729,5553,0001,25021,250$ 45,250$43,545Net incomeAnalyze the statements and prepare the seven adjusting entries that likely were recorded. Hint: Entry for a refers to fees that havebeen earned but not yet billed. None of the entries involve cash....< Prev2 of 5Next >TWOPXPs17 Analyze the statements and prepare the seven adjusting entries that likely were recorded. Hint: Entry for a refers to fees that havebeen earned but not yet billed. None of the entries involve cash.View transaction listJournal entry worksheet1467Record the adjusting entry for accrued revenues.Note: Enter debits before credits.EventGeneral JournalDebitCredita< Prev2 of 5Next >7WOPXOPs17

Name: Exercise 3-7 Analyzing and preparing adjusting entries LO P5Following
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Description: Exercise 3-7 Analyzing and preparing adjusting entries LO P5Following are two income statements for Alexis Co. for the year ended December 31. The left number column is prepared beforeadjusting entries are recorded, and the right column is prepared

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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 $ 24,000 42,500 $ 66,500 $30,600 42,500 73,100 Fees earned Commissions earned Total revenues Expenses Depreciation expense-Computers Depreciation expense-0ffice furniture Salaries expense 1,650 1,925 15,195 1,430 4,500 12,500 Insurance expense Rent expense 4,500 Offign nlion ornonse 528

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 $ 24,000 42,500 $ 66,500 $30,600 42,500 73,100 Fees earned Commissions earned Total revenues Expenses Depreciation expense-Computers Depreciation expense-0ffice furniture Salaries expense 1,650 1,925 15,195 1,430 4,500 12,500 Insurance expense Rent expense 4,500 Offign nlion ornonse 528

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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