CHART OF ACCOUNTS Cole Designs General Ledger ASSETS REVENUE 11 Cash 41 Fees Earned 12 Accounts Receivable 14 Supplies EXPENSES 15 Prepaid Insurance 51 Wages Expense 18 Equipment 52 Supplies Expense 55 Insurance Expense 19 Accumulated Depreciation-Equipment 56 Depreciation Expense 18 Equipment 52 Supplies Expense 19 Accumulated Depreciation-Equipment 55 Insurance Expense 56 Depreciation Expense LIABILITIES 22 Wages Payable 23 Unearned Fees EQUITY 31 Ann Cole, Capital 32 Ann Cole, Drawing These financial statements were prepared from the unadjusted trial balance. Cole Designs Income Statement For the Year Ended December 31, 2018 Fees earned $70,600.00 2 Wages expense 44,300.00 3 Net income $26,300.00 culator Cole Designs Balance Sheet December 31, 2018 Assets Cash $5,000.00 3 Accounts receivable 32,600.00 4 Supplies 3,650.00 Prepaid Insurance 4,000.00 Equipment 11,000.00 7 Total assets $56,250.00 Liabilities 9 Unearned fees $9,500.00 Owner's Equity 11 Ann Cole, Capital 46,750.00 12 Total liabilities and owner's equity $56,250.00 These financial statements were prepared from the adjusted trial balance. Cole Designs Income Statement For the Year Ended December 31, 2018 Fees earned $76,800.00 2 Expenses: Wages expense $46,150.00 Supplies expense 3,530.00 Insurance expense 2,700.00 Depreciation expense 1,700.00 Total expenses 54,080.00 8 Net income $22,720.00 Cole Designs Balance Sheet December 31, 2018 Assets Cash $5,000.00 33,250.00 Accounts receivable Supplies 120.00 5 Prepaid Insurance 1,300.00 Equipment $11,000.00 Less accumulated depreciation-equipment 1,700.00 9,300.00 Total assets $48,970.00 Liabilities 10 Wages payable $1.850.00 11 Unearned fees 3,950.00 12 Total liabilities $5,800.00 Owner's Equity 14 Ann Cole, Capital 43,170.00 15 Total liabilities and owner's equity $48,970.00 Adjusting Entries Journare the sex December 3 stig entries for Cole Designs that adjusted the accounts to arrive at the financial statements in the Austed Financial Statements panel Refer to the Chart of Accounts for exact wording of accountitles. Journalize each adjustment as a separate entry JOURNAL ACCOUNTING EQUATION DESCRIPTION POST, REF ASSETS LIABILITIES QUITY Adjusting Entries