CHART OF ACCOUNTSCole DesignsGeneral 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.

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JOURNAL

ACCOUNTING EQUATION

Score: 80/151

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

These financial statements were prepared from the adjusted trial balance.

Cole Designs

Income Statement

For the Year Ended December 31, 2018

1	Fees earned		$77,000.00
2	Expenses:
3	Wages expense	$47,200.00
4	Supplies expense	3,515.00
5	Insurance expense	2,900.00
6	Depreciation expense	2,000.00
7	Total expenses		55,615.00
8	Net income		$21,385.00

These financial statements were prepared from the adjusted trial balance.

Cole Designs

Income Statement

For the Year Ended December 31, 2018

1	Fees earned		$77,000.00
2	Expenses:
3	Wages expense	$47,200.00
4	Supplies expense	3,515.00
5	Insurance expense	2,900.00
6	Depreciation expense	2,000.00
7	Total expenses		55,615.00
8	Net income		$21,385.00

Cole Designs

Balance Sheet

December 31, 2018

1	Assets
2	Cash		$4,000.00
3	Accounts receivable		33,000.00
4	Supplies		110.00
5	Prepaid Insurance		1,100.00
6	Equipment	$11,000.00
7	Less accumulated depreciation-equipment	2,000.00	9,000.00
8	Total assets		$47,210.00
9	Liabilities
10	Wages payable		$2,300.00
11	Unearned fees		1,700.00
12	Total liabilities		$4,000.00
13	Owners Equity
14	Ann Cole, Capital		43,210.00
15	Total liabilities and owners equity		$47,210.00

These financial statements were prepared from the unadjusted trial balance.

Cole Designs

Income Statement

For the Year Ended December 31, 2018

1	Fees earned	$70,600.00
2	Wages expense	44,900.00
3	Net income	$25,700.00

Cole Designs

Balance Sheet

December 31, 2018

1	Assets
2	Cash	$4,000.00
3	Accounts receivable	32,600.00
4	Supplies	3,625.00
5	Prepaid Insurance	4,000.00
6	Equipment	11,000.00
7	Total assets	$55,225.00
8	Liabilities
9	Unearned fees	$7,700.00
10	Owners Equity
11	Ann Cole, Capital	47,525.00
12	Total liabilities and owners equity	$55,225.00