Homework Help is Here – Start Your Trial Now!
Business
Accounting
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

College Accounting, Chapters 1-27
College Accounting, Chapters 1-27
23rd Edition
ISBN:9781337794756
Author:HEINTZ, James A.
Publisher:HEINTZ, James A.
Chapter16: Accounting For Accounts Receivable
Section: Chapter Questions
Problem 8SPB: UNCOLLECTIBLE ACCOUNTSALLOWANCE METHOD Lewis Warehouse used the allowance method to record the...
See similar textbooks
icon
Related questions
Question
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
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 2 steps with 1 images

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Managing Debt
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Similar questions
Recommended textbooks for you
College Accounting, Chapters 1-27
College Accounting, Chapters 1-27
Accounting
ISBN:
9781337794756
Author:
HEINTZ, James A.
Publisher:
Cengage Learning,
Century 21 Accounting Multicolumn Journal
Century 21 Accounting Multicolumn Journal
Accounting
ISBN:
9781337679503
Author:
Gilbertson
Publisher:
Cengage
Century 21 Accounting General Journal
Century 21 Accounting General Journal
Accounting
ISBN:
9781337680059
Author:
Gilbertson
Publisher:
Cengage
Financial Accounting Intro Concepts Meth/Uses
Financial Accounting Intro Concepts Meth/Uses
Finance
ISBN:
9781285595047
Author:
Weil
Publisher:
Cengage
College Accounting, Chapters 1-27 (New in Account…
College Accounting, Chapters 1-27 (New in Account…
Accounting
ISBN:
9781305666160
Author:
James A. Heintz, Robert W. Parry
Publisher:
Cengage Learning
Financial And Managerial Accounting
Financial And Managerial Accounting
Accounting
ISBN:
9781337902663
Author:
WARREN, Carl S.
Publisher:
Cengage Learning,
SEE MORE TEXTBOOKS