Following are two income statements for Alexis Co. for the yearended December 31. The left number column is prepared before anyadjusting entries are recorded, and the right column includes theeffects of adjusting entries. The company records cash receipts andpayments related to unearned and prepaid items in balance sheetaccounts. The middle column shows a blank space for each incomestatement effect of the eight adjusting entries a through g (thebalance sheet part of the entries is not shown here). ALEXIS CO.Income Statements For Year Ended December 31 Unadjusted AdjustmentsAdjusted Revenues Fees earned $ 18,000 a. $ 25,000 Commissionsearned 36,500 36,500 Total revenues $ 54,500 61,500 ExpensesDepreciation expense—Computers 0 b. 1,600 Depreciationexpense—Office furniture 0 c. 1,850 Salaries expense 13,500 d.15,750 Insurance expense 0 e. 1,400 Rent expense 3,800 3,800 Officesupplies expense 0 f. 580 Advertising expense 2,500 2,500 Utilitiesexpense 1,245 g. 1,335 Total expenses 21,045 28,815 Net income $33,455 $ 32,685 Analyze the statements and prepare the eightadjusting entries a through g that likely were recorded. Note:Answer for a has two entries (i) the $7,000 adjustment for FeesEarned, 30% (or $2,100) has been earned but not billed, and (ii)the other 70% (or $4,900) has been earned by performing servicesthat were paid for in advance.