(Solved): Unadjusted Financial Statements These financial statements were prepared from the unadjusted trial ...

Unadjusted Financial Statements These financial statements were prepared from the unadjusted trial balance. Cole Designs Inc. Income Statement For the Year Ended December 31, 2017 1 Fees earned 2 3 Wages expense Net income $70,600.00 44.300.00 $26.300.00 2 Cash 3 Accounts receivable 4 Supplies Prepaid insurance Office equipment Total assets Unearned fees Assets Liabilities kat Cole Designs Inc. Balance Sheet December 31, 2017 $5,000.00 32,600.00 3,650.00 4,000.00 11,000.00 556,250.00 $9.500.00 3 Accounts receivable 4 Supplies 5 Prepaid insurance 6 Office equipment 7 Total assets 8 Liabilities 9 Unearned fees 10 Stockholders' Equity 11 Common stock 12 Retained earnings 13 Total liabilities and stockholders' equity $12,000.00 34,750.00 32,600.00 3,650.00 4,000.00 11,000.00 $56,250.00 $9,500.00 46,750.00 $56,250.00 Adjusted Financial Statements 1 Fees earned 2 Expenses: 3 Wages expense + 5 6 Supplies expense Insurance expense Depreciation expense Total expenses Net income Cole Designs Inc. Income Statement For the Year Ended December 31, 2017 $46,150.00 3,530.00 2,700.00 1,700.00 $76,800.00 54,080.00 $22,720.00 H Adjusted Financial Statements 1 2 Cash 3 Accounts receivable 4 Supplies 5 Prepaid insurance 6 Office equipment 7 8 Total assets 9 10 Wages payable Cole Designs Inc. Balance Sheet December 31, 2017 Assets Accumulated depreciation-office equipment Liabilities $11,000.00 (1,700.00) $5,000.00 33,250.00 120.00 1,300.00 9,300.00 $48,970.00 $1,850.00 X Adjusted Financial Statements 6 Office equipment 7 Accumulated depreciation-office equipment 8 Total assets 9 Liabilities 10 Wages payable 11 Unearned fees 12 Total liabilities 13 Stockholders' Equity 14 Common stock 15 Retained earnings 16 Total liabilities and stockholders' equity $11,000.00 (1,700.00) $12,000.00 31,170.00 9,300.00 $48,970.00 $1,850.00 3,950.00 $5,800.00 43,170.00 $48,970.00 X 4 Adjusting Entries Shaded cels have feedback. X Journalize the six December 31 adjusting entries for Cole Designs Inc. 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 Record each adjustment as a separate entry Question not attempted. PAGE 25 JOURNAL Score: 0/151 ACCOUNTING EQUATION DATE DESCRIPTION POST F DEBIT CREDIT 1 Adjusting Entries ASSETS LIABILITIES EQUITY