These financial statements were prepared from the unadjusted trial balance. Cole Designs Income Statement For the Year Ended December 31, 2018 1 Fees earned $69,000.00 2 Wages expense 44,600.00 3 Net income $24,400.00 Cole Designs Balance Sheet December 31, 2018 1 Assets 2 Cash $5,250.00 3 Accounts receivable 31,200.00 4 Supplies 3,550.00 5 Prepaid Insurance 4,000.00 6 Equipment 11,000.00 7 Total assets $55,000.00 8 Liabilities 9 Unearned fees $9,200.00 10 Owner's Equity 11 Ann Cole, Capital 45,800.00 12 Total liabilities and owner's equity $55,000.00 These financial statements were prepared from the adjusted trial balance. Cole Designs Income Statement For the Year Ended December 31, 2018 1 Fees earned $74,900.00 2 Expenses: 3 Wages expense $47,200.00 4. Supplies expense 3,420.00 5 Insurance expense 2,500.00 6 Depreciation expense 1,900.00 7 Total expenses 55,020.00 8 Net income $19,880.00 Cole Designs Balance Sheet December 31, 2018 1 Assets 2 Cash $5,250.00 3 Accounts receivable 32,000.00 4 Supplies 130.00 5 Prepaid Insurance 1,500.00 6 Equipment $11,000.00 7 Less accumulated depreciation-equipment 1,900.00 9,100.00 8 Total assets $47,980.00 9 Liabilities 10 Wages payable $2,600.00 11 Unearned fees 4,100.00 12 Total liabilities $6,700.00 13 Owner's Equity 14 Ann Cole, Capital 41,280.00 15 Total liabilities and owner's equity $47,980.00 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. PAGE 25 JOURNAL DATE DESCRIPTION POST. REF. DEBIT CREDIT ACCOUNTING FOLIATION ASSETS LIABILITIES EQUITY 1 Adjusting Entries 2 Dec. 31 Accounts Receivable 3 Fees Earned 4 Dec. 31 Unearned Fees 5 Fees Earned 6 Dec. 31 Wages Expense 7 Wages Payable 8 Dec. 31 Supplies Expense 9 Supplies 10 Dec. 31 Insurance Expense 11 Prepaid Insurance 12 Dec. 31 Depreciation Expense 13 Accumulated Depreciation-Equipment