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Exercise 3-7 Analyzing and preparing adjusting entries 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 Yor Year Ended December 31 Unadjusted Adjusted Revenues Fees earned $24,000 $30,000 Commissions earned 42.500 42,500 Total revenues $66,500 72,500 Expenses Depreciation expense-Compute 1,500 Depreciation expense-office furniture 1,750 Solaris expense 12,500 14,950 Insurance expense 1,300 Bent expense 4.500 4.500 office supplies expense 480 Advertising expenso 3,000 3,000 Lilities expense 1,250 1,320 Total expenses 21.250 23,00 Net Income 545,250 543,700 0 0 o Analyze the statements and prepare the seven adjusting entries that likely were recorded, Hint Entry for a refers to fees that have been earned but not yet billed. None of the entries involve cash. nalyze the statements and prepare the seven adjusting entries that likely were reco been earned but not yet billed. None of the entries involve cash. View transaction list Journal entry worksheet 7 Record depreciation on office furniture. Note: Enter debits before credits Event General Journal Debit Credit Record entry Clear entry View general Journal View transaction list Journal entry worksheet Record the adjusting entry related to insurance. Note: Enter debits before credits Event General Journal Debit Credit Record entry Clear entry View general Journal View transaction list Journal entry worksheet