KeAssignmentMain do?invoker=&takeAssignmentSessionLocator=&inprogress=false Mastery Problem: The Adjusting Process Unadjusted Financial Statements Adjusted Financial Statements Unadjusted Financial Statements These financial statements were prepared from the unadjusted trial balance. Cole Designs Inc. prepared Income Statement For the Year Ended December 31, 2017 Fees earned $69,000.00 2 Wages expense 44,600.00 $24.400.00 Net income Total expenses Total liabilities adjusted Financial Statements Adjusted Financial Statements Unadjusted Financial Statements Cole Designs Inc. Balance Sheet December 31, 2017 Assets Cash $5,250.00 Accounts receivable 31,200.00 3,550.00 Supplies Prepaid insurance 6 Office equipment 4,000.00 11,000.00 Total assets $55,000.00 Total expenses Mastery Problem: The Adjusting Process H ighmentSessionLocator=&inprogress=fals, Unadjusted Financial Statements Adjusted Financial Statements Unadjusted Financial Statements Office equipment Total assets 11,000.00 $55,000.00 Liabilities 9 Unearned fees $9,200.00 Stockholders' Equity 11 Common stock $12,000.00 33,800.00 12 Retained earnings 45,800.00 13 Total liabilities and stockholders' equity $55,000.00 Total aynenses Assignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogress=false Mastery Problem: The Adjusting Process Unadjusted Financial Statements Adjusted Financial Statements Adjusting Entries Journalize the six December 31 adjusting entries for Cole Designs Inc. that adjusted the accounts to arrive at the financial statements in the Austed Statements panel. Refer to the Chart of Accounts for exact wording of account titles. Record each adjustment as a separate entry JOURNAL ACCOLTI POST. REF. DEBIT DATE CREDIT DESCRIPTION Adjusting Entries Dec. 31 Insurance Expense Prepaid Insurance KeAssignmentMain do?invoker=&takeAssignmentSessionLocator=&inprogress=false Mastery Problem: The Adjusting Process Unadjusted Financial Statements Adjusted Financial Statements Unadjusted Financial Statements These financial statements were prepared from the unadjusted trial balance. Cole Designs Inc. prepared Income Statement For the Year Ended December 31, 2017 Fees earned $69,000.00 2 Wages expense 44,600.00 $24.400.00 Net income Total expenses Total liabilities adjusted Financial Statements Adjusted Financial Statements Unadjusted Financial Statements Cole Designs Inc. Balance Sheet December 31, 2017 Assets Cash $5,250.00 Accounts receivable 31,200.00 3,550.00 Supplies Prepaid insurance 6 Office equipment 4,000.00 11,000.00 Total assets $55,000.00 Total expenses Mastery Problem: The Adjusting Process H ighmentSessionLocator=&inprogress=fals, Unadjusted Financial Statements Adjusted Financial Statements Unadjusted Financial Statements Office equipment Total assets 11,000.00 $55,000.00 Liabilities 9 Unearned fees $9,200.00 Stockholders' Equity 11 Common stock $12,000.00 33,800.00 12 Retained earnings 45,800.00 13 Total liabilities and stockholders' equity $55,000.00 Total aynenses Assignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogress=false Mastery Problem: The Adjusting Process Unadjusted Financial Statements Adjusted Financial Statements Adjusting Entries Journalize the six December 31 adjusting entries for Cole Designs Inc. that adjusted the accounts to arrive at the financial statements in the Austed Statements panel. Refer to the Chart of Accounts for exact wording of account titles. Record each adjustment as a separate entry JOURNAL ACCOLTI POST. REF. DEBIT DATE CREDIT DESCRIPTION Adjusting Entries Dec. 31 Insurance Expense Prepaid Insurance
