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.

JOURNAL

	DATE	DESCRIPTION	POST. REF.	DEBIT	CREDIT
1
2
3
4
5
6
7
8
9
10
11
12

CHART OF ACCOUNTS

Cole Designs Inc.

General Ledger

	ASSETS
11	Cash
12	Accounts Receivable
13	Supplies
14	Prepaid Insurance
17	Equipment
18	Accumulated Depreciation

	LIABILITIES
21	Wages Payable
22	Unearned Fees

	EQUITY
31	Common Stock
32	Retained Earnings
33	Dividends

	REVENUE
41	Fees Earned

	EXPENSES
51	Wages Expense
52	Supplies Expense
53	Insurance Expense
54	Depreciation Expense

These financial statements were prepared from the unadjusted trial balance.

Cole Designs Inc.

Income Statement

For the Year Ended December 31, 2016

1	Fees earned	$68,600.00
2	Wages expense	43,850.00
3	Net income	$24,750.00

Cole Designs Inc.

Balance Sheet

December 31, 2016

1	Assets
2	Cash		$4,750.00
3	Accounts receivable		32,800.00
4	Supplies		3,550.00
5	Prepaid insurance		4,000.00
6	Equipment		11,000.00
7	Total assets		$56,100.00
8	Liabilities
9	Unearned fees		$9,500.00
10	Stockholders Equity
11	Common stock	$12,000.00
12	Retained earnings	34,600.00	46,600.00
13	Total liabilities and stockholders equity		$56,100.00

These financial statements were prepared from the adjusted trial balance.

Cole Designs Inc.

Income Statement

For the Year Ended December 31, 2016

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 Inc.

Balance Sheet

December 31, 2016

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	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	Stockholders Equity
14	Common stock	$12,000.00
15	Retained earnings	31,220.00	43,220.00
16	Total liabilities and stockholders equity		$48,570.00