Please don't cut off answers Adjusting EntriesJournalize the six December 31 adjusting entries for Cole Designs Inc. that adjusted the accounts to arrive at the financial statements in the Adjusted FinancialStatements panel. Refer to the Chart of Accounts for exact wording of account titles. Record each adjustment as a separate entry.Question not attempted.12345678910111213DATEJOURNALDESCRIPTIONAdjusting Entrieshart of AccountsASSETSPROPOSITIONIN11 Cash12 Accounts Receivable13 Supplies14 Prepaid InsuranceDEBITCHART OF ACCOUNTSCole Designs Inc.General Ledger17 Equipment18 Accumulated DepreciationLIABILITIES21 Wages Payable22 Unearned FeesEQUITY31 Common Stock32 Retained Earnings33 DividendsPAGE 25Score: 0/151CREDITREVENUE41 Fees EarnedEXPENSES5 Wages Expense52 Supplies Expense53 Insurance Expense54 Depreciation Expense Unadjusted Financial StatementsCole Designs Inc.Income StatementFor the Year Ended December 31, 20161 Fees earned2 Wages expense3 Net incomeAssetsCole Designs Inc.Balance SheetDecember 31, 201612 Cash3 Accounts receivable4 Supplies5 Prepaid insurance6 Equipment7 Total assets89 Unearned fees1011 Common stock12 Retained earnings13 Total liabilities and stockholders' equityLiabilitiesStockholders' EquityAdjusted Financial Statements1 Fees earned2 Expenses:3 Wages expense4 Supplies expense5 Insurance expense6 Depreciation expense7 Total expenses8 Net incomeCole Designs Inc.Income StatementFor the Year Ended December 31, 2016Cole Designs Inc.Balance SheetDecember 31, 2016Assets12 Cash3 Accounts receivable4 Supplies5 Prepaid insurance6 Equipment7 Less accumulated depreciation8 Total assets9Liabilities10 Wages payable11 Unearned fees12 Total liabilities1314 Common stock15 Retained eamings16 Total liabilities and stockholders' equity$68,600.0043,850.00$24,750.00Stockholders' Equity$12,000.0034,600.00$45,550.003,480.002,400.002,100.00$11,000.002,100.00$4,750.0032,800.003,550.004,000.0011,000.00$56,100.00$9,500.0046,600.00$56,100.00$74,900.0053,530.00$21,370.00$4,750.0033,250.0070.001,600.008,900.00$48,570.00$1,700.003,650.00$5.350.00$12.000.0031,220.00 43,220.00$48,570.00

Adjusting Entries - Adjusting Entries are the journals record to bifurcate the current years expense…

Unadjusted Financial Statements Cole Designs Inc. Income Statement For the Year Ended December 31, 2016 1 Fees earned 2 Wages expense 3 Net income 1 2 Cash 3 Accounts receivable 4 Supplies 5 Prepaid insurance 6 Equipment 7 Total assets 8 9 Unearned fees 10 11 Common stock 12 Retained earnings 13 Total liabilities and stockholders' equity Assets Cole Designs Inc. Balance Sheet December 31, 2016 1 2 Cash Liabilities Stockholders' Equity Adjusted Financial Statements 1 Fees earned 2 Expenses: 3 Wages expense 4 Supplies expense 5 Insurance expense 6 Depreciation expense 7 Total expenses 8 Net income 3 Accounts receivable 4 Supplies 5 Prepaid insurance Cole Designs Inc. Income Statement For the Year Ended December 31, 2016 Cole Designs Inc. Balance Sheet December 31, 2016 Assets 6 Equipment 7 Less accumulated depreciation 8 Total assets 9 10 Wages payable 11 Unearned fees 12 Total liabilities 13 14 Common stock 15 Retained eamings 16 Total liabilities and stockholders' equity Liabilities $68,600.00 43,850.00 $24,750.00 Stockholders' Equity $12,000.00 34,600.00 $45,550.00 3,480.00 2,400.00 2,100.00 $11,000.00 2,100.00 $12,000.00 31.220.00 $4,750.00 32,800.00 3,550.00 4,000.00 11,000.00 $56,100.00 $9,500.00 46,600.00 $56,100.00 $74,900.00 53,530.00 $21,370.00 $4,750.00 33,250.00 70.00 1,600.00 8,900.00 $48,570.00 $1,700.00 3.650.00 $5.350.00 43,220.00 $48,570.00

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter5: Adjusting Entries And The Work Sheet

Section: Chapter Questions

Problem 8SEA: POSTING ADJUSTING ENTRIES Two adjusting entries are in the following general journal. Post these...