Journalize the six December 31 adjusting entries for Cole Designs that adjusted the accounts to arrive at the financial statements in the Adjusted Financial Statements panel. Refer to the Chart of Accounts for exact wording of account titles. Journalize each adjustment as a separate entry. JOURNAL ACCOUNTING EQUATION DATE DESCRIPTION POST. REF. DEBIT CREDIT ASSETS LIABILITIES EQUITY 1 Adjusting Entries 2 3 4 5 6 7 8 9 10 11 12 13 Adjusted financial statement Cole Designs Income Statement For the Year Ended December 31, 2018 1 Fees earned $74,900.00 2 Expenses: 3 Wages expense $45,550.00 4 Supplies expense 3,480.00 5 Insurance expense 2,400.00 6 Depreciation expense 2,100.00 7 Total expenses 53,530.00 8 Net income $21,370.00 Cole Designs Balance Sheet December 31, 2018 1 Assets 2 Cash $4,750.00 3 Accounts receivable 33,250.00 4 Supplies 70.00 5 Prepaid Insurance 1,600.00 6 Equipment $11,000.00 7 Less accumulated depreciation-equipment 2,100.00 8,900.00 8 Total assets $48,570.00 9 Liabilities 10 Wages payable $1,700.00 11 Unearned fees 3,650.00 12 Total liabilities $5,350.00 13 Owner’s Equity 14 Ann Cole, Capital 43,220.00 15 Total liabilities and owner’s equity $48,570.00 CHART OF ACCOUNTS Cole Designs General Ledger ASSETS 11 Cash 12 Accounts Receivable 14 Supplies 15 Prepaid Insurance 18 Equipment 19 Accumulated Depreciation-Equipment LIABILITIES 22 Wages Payable 23 Unearned Fees EQUITY 31 Ann Cole, Capital 32 Ann Cole, Drawing REVENUE 41 Fees Earned EXPENSES 51 Wages Expense 52 Supplies Expense 55 Insurance Expense 56 Depreciation Expense

Journalize the six December 31 adjusting entries for Cole Designs that adjusted the accounts to arrive at the financial statements in the Adjusted Financial Statements panel. Refer to the Chart of Accounts for exact wording of account titles. Journalize each adjustment as a separate entry. JOURNAL ACCOUNTING EQUATION DATE DESCRIPTION POST. REF. DEBIT CREDIT ASSETS LIABILITIES EQUITY 1 Adjusting Entries 2 3 4 5 6 7 8 9 10 11 12 13 Adjusted financial statement Cole Designs Income Statement For the Year Ended December 31, 2018 1 Fees earned $74,900.00 2 Expenses: 3 Wages expense $45,550.00 4 Supplies expense 3,480.00 5 Insurance expense 2,400.00 6 Depreciation expense 2,100.00 7 Total expenses 53,530.00 8 Net income $21,370.00 Cole Designs Balance Sheet December 31, 2018 1 Assets 2 Cash $4,750.00 3 Accounts receivable 33,250.00 4 Supplies 70.00 5 Prepaid Insurance 1,600.00 6 Equipment $11,000.00 7 Less accumulated depreciation-equipment 2,100.00 8,900.00 8 Total assets $48,570.00 9 Liabilities 10 Wages payable $1,700.00 11 Unearned fees 3,650.00 12 Total liabilities $5,350.00 13 Owner’s Equity 14 Ann Cole, Capital 43,220.00 15 Total liabilities and owner’s equity $48,570.00 CHART OF ACCOUNTS Cole Designs General Ledger ASSETS 11 Cash 12 Accounts Receivable 14 Supplies 15 Prepaid Insurance 18 Equipment 19 Accumulated Depreciation-Equipment LIABILITIES 22 Wages Payable 23 Unearned Fees EQUITY 31 Ann Cole, Capital 32 Ann Cole, Drawing REVENUE 41 Fees Earned EXPENSES 51 Wages Expense 52 Supplies Expense 55 Insurance Expense 56 Depreciation Expense

Financial Accounting: The Impact on Decision Makers

10th Edition

ISBN:9781305654174

Author:Gary A. Porter, Curtis L. Norton

Publisher:Gary A. Porter, Curtis L. Norton

Chapter4: Income Measurement And Accrual Accounting

Section: Chapter Questions

Problem 4.7P

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Question

JOURNAL

ACCOUNTING EQUATION

	DATE	DESCRIPTION	POST. REF.	DEBIT	CREDIT	ASSETS	LIABILITIES	EQUITY
1		Adjusting Entries
2
3
4
5
6
7
8
9
10
11
12
13

Adjusted financial statement

Cole Designs

Income Statement

For the Year Ended December 31, 2018

1	Fees earned		$74,900.00
2	Expenses:
3	Wages expense	$45,550.00
4	Supplies expense	3,480.00
5	Insurance expense	2,400.00
6	Depreciation expense	2,100.00
7	Total expenses		53,530.00
8	Net income		$21,370.00

Cole Designs

Balance Sheet

December 31, 2018

1	Assets
2	Cash		$4,750.00
3	Accounts receivable		33,250.00
4	Supplies		70.00
5	Prepaid Insurance		1,600.00
6	Equipment	$11,000.00
7	Less accumulated depreciation-equipment	2,100.00	8,900.00
8	Total assets		$48,570.00
9	Liabilities
10	Wages payable		$1,700.00
11	Unearned fees		3,650.00
12	Total liabilities		$5,350.00
13	Owner’s Equity
14	Ann Cole, Capital		43,220.00
15	Total liabilities and owner’s equity		$48,570.00

CHART OF ACCOUNTS

Cole Designs

General Ledger

	ASSETS
11	Cash
12	Accounts Receivable
14	Supplies
15	Prepaid Insurance
18	Equipment
19	Accumulated Depreciation-Equipment

	LIABILITIES
22	Wages Payable
23	Unearned Fees

	EQUITY
31	Ann Cole, Capital
32	Ann Cole, Drawing

	REVENUE
41	Fees Earned

	EXPENSES
51	Wages Expense
52	Supplies Expense
55	Insurance Expense
56	Depreciation Expense

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