7 Exercise 3-12 (Algo) Analyzing and preparing adjusting entries LO PS 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. Incone Statements For Year Ended December 31 Unadjusted Adjustments Adjusted Revenues Services revenue $24,000 $29,400 Commissions earned nces Total revenues Expenses Salaries expense] Insurance expense Rent expense office supplies expense Advertising expense Utilities expense 42,500 42,500 $66.500 71,900 Depreciation expense-Computers Depreciation expense-office furniture 0 1,350 0 1,575 12,500 d. 24,705 1,170 4,500. 4,500 0 f. 432 3,000 3,000 Total expenses Net income 1,250 g. 21,250 $45,250 1,313 20,045 $43,855 Analyze the statements and prepare the seven adjusting entries a through g that likely were recorded. Hint: The entry for a refers to revenue that have been earned but not yet billed. None of the entries involve cash. View transaction list Journal entry worksheet 1 2 3 4 5 6 7 Record the adjusting entry for accrued revenues. Note: Enter debits before credits. Event General Journal Debit Credit View general journal Record entry Clear entry