Exercise 3-12 (Algo) Analyzing and preparing adjusting entries LO P5 Following are two income statements for Alexis Co. for the year ended December 31. The loft 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 Adjustments Adjusted Revenues Services revenue $24,000 $30, 600 Commissions earned 42,500 42,500 Total revenues $66,500 73,100 Expenses Depreciation expense-Computers b. 1,650 Depreciation expense-Office furniture 1,925 Salaries expense 12,500 15,195 Insurance expense 1,430 Rent expense 4,500 4,500 Office supplies expense 1. 528 Advertising expense 3,000 3,000 Utilities expense 1,250 9. 1,327 Total expenses 21,250 29,555 Net income $45,250 $43,545 d. e. @ 0 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 View transaction list Journal entry worksheet ped