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Unadjusted Financial Statements Cole Designs Inc. Income Statement For the Year Ended December 31, 2016 1 Fees earned 2 Wages expense 3 Net income 1 2 Cash 3 Accounts receivable 4 Supplies 5 Prepaid insurance 6 Equipment 7 Total assets 8 9 Unearned fees 10 11 Common stock 12 Retained earnings 13 Total liabilities and stockholders' equity Assets Cole Designs Inc. Balance Sheet December 31, 2016 1 2 Cash Liabilities Stockholders' Equity Adjusted Financial Statements 1 Fees earned 2 Expenses: 3 Wages expense 4 Supplies expense 5 Insurance expense 6 Depreciation expense 7 Total expenses 8 Net income 3 Accounts receivable 4 Supplies 5 Prepaid insurance Cole Designs Inc. Income Statement For the Year Ended December 31, 2016 Cole Designs Inc. Balance Sheet December 31, 2016 Assets 6 Equipment 7 Less accumulated depreciation 8 Total assets 9 10 Wages payable 11 Unearned fees 12 Total liabilities 13 14 Common stock 15 Retained eamings 16 Total liabilities and stockholders' equity Liabilities $68,600.00 43,850.00 $24,750.00 Stockholders' Equity $12,000.00 34,600.00 $45,550.00 3,480.00 2,400.00 2,100.00 $11,000.00 2,100.00 $12,000.00 31.220.00 $4,750.00 32,800.00 3,550.00 4,000.00 11,000.00 $56,100.00 $9,500.00 46,600.00 $56,100.00 $74,900.00 53,530.00 $21,370.00 $4,750.00 33,250.00 70.00 1,600.00 8,900.00 $48,570.00 $1,700.00 3.650.00 $5.350.00 43,220.00 $48,570.00

Unadjusted Financial Statements Cole Designs Inc. Income Statement For the Year Ended December 31, 2016 1 Fees earned 2 Wages expense 3 Net income 1 2 Cash 3 Accounts receivable 4 Supplies 5 Prepaid insurance 6 Equipment 7 Total assets 8 9 Unearned fees 10 11 Common stock 12 Retained earnings 13 Total liabilities and stockholders' equity Assets Cole Designs Inc. Balance Sheet December 31, 2016 1 2 Cash Liabilities Stockholders' Equity Adjusted Financial Statements 1 Fees earned 2 Expenses: 3 Wages expense 4 Supplies expense 5 Insurance expense 6 Depreciation expense 7 Total expenses 8 Net income 3 Accounts receivable 4 Supplies 5 Prepaid insurance Cole Designs Inc. Income Statement For the Year Ended December 31, 2016 Cole Designs Inc. Balance Sheet December 31, 2016 Assets 6 Equipment 7 Less accumulated depreciation 8 Total assets 9 10 Wages payable 11 Unearned fees 12 Total liabilities 13 14 Common stock 15 Retained eamings 16 Total liabilities and stockholders' equity Liabilities $68,600.00 43,850.00 $24,750.00 Stockholders' Equity $12,000.00 34,600.00 $45,550.00 3,480.00 2,400.00 2,100.00 $11,000.00 2,100.00 $12,000.00 31.220.00 $4,750.00 32,800.00 3,550.00 4,000.00 11,000.00 $56,100.00 $9,500.00 46,600.00 $56,100.00 $74,900.00 53,530.00 $21,370.00 $4,750.00 33,250.00 70.00 1,600.00 8,900.00 $48,570.00 $1,700.00 3.650.00 $5.350.00 43,220.00 $48,570.00

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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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 Adjusted Financial Statements panel. Refer to the Chart of Accounts for exact wording of account titles. Record each adjustment as a separate entry. Question not attempted. 1 2 3 4 5 6 7 8 9 10 11 12 13 DATE JOURNAL DESCRIPTION Adjusting Entries hart of Accounts ASSETS PROPOSITIONIN 11 Cash 12 Accounts Receivable 13 Supplies 14 Prepaid Insurance DEBIT CHART OF ACCOUNTS Cole Designs Inc. General Ledger 17 Equipment 18 Accumulated Depreciation LIABILITIES 21 Wages Payable 22 Unearned Fees EQUITY 31 Common Stock 32 Retained Earnings 33 Dividends PAGE 25 Score: 0/151 CREDIT REVENUE 41 Fees Earned EXPENSES 5 Wages Expense 52 Supplies Expense 53 Insurance Expense 54 Depreciation Expense
Transcribed Image Text: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 Adjusted Financial Statements panel. Refer to the Chart of Accounts for exact wording of account titles. Record each adjustment as a separate entry. Question not attempted. 1 2 3 4 5 6 7 8 9 10 11 12 13 DATE JOURNAL DESCRIPTION Adjusting Entries hart of Accounts ASSETS PROPOSITIONIN 11 Cash 12 Accounts Receivable 13 Supplies 14 Prepaid Insurance DEBIT CHART OF ACCOUNTS Cole Designs Inc. General Ledger 17 Equipment 18 Accumulated Depreciation LIABILITIES 21 Wages Payable 22 Unearned Fees EQUITY 31 Common Stock 32 Retained Earnings 33 Dividends PAGE 25 Score: 0/151 CREDIT REVENUE 41 Fees Earned EXPENSES 5 Wages Expense 52 Supplies Expense 53 Insurance Expense 54 Depreciation Expense
Unadjusted Financial Statements Cole Designs Inc. Income Statement For the Year Ended December 31, 2016 1 Fees earned 2 Wages expense 3 Net income Assets Cole Designs Inc. Balance Sheet December 31, 2016 1 2 Cash 3 Accounts receivable 4 Supplies 5 Prepaid insurance 6 Equipment 7 Total assets 8 9 Unearned fees 10 11 Common stock 12 Retained earnings 13 Total liabilities and stockholders' equity Liabilities Stockholders' Equity Adjusted Financial Statements 1 Fees earned 2 Expenses: 3 Wages expense 4 Supplies expense 5 Insurance expense 6 Depreciation expense 7 Total expenses 8 Net income Cole Designs Inc. Income Statement For the Year Ended December 31, 2016 Cole Designs Inc. Balance Sheet December 31, 2016 Assets 1 2 Cash 3 Accounts receivable 4 Supplies 5 Prepaid insurance 6 Equipment 7 Less accumulated depreciation 8 Total assets 9 Liabilities 10 Wages payable 11 Unearned fees 12 Total liabilities 13 14 Common stock 15 Retained eamings 16 Total liabilities and stockholders' equity $68,600.00 43,850.00 $24,750.00 Stockholders' Equity $12,000.00 34,600.00 $45,550.00 3,480.00 2,400.00 2,100.00 $11,000.00 2,100.00 $4,750.00 32,800.00 3,550.00 4,000.00 11,000.00 $56,100.00 $9,500.00 46,600.00 $56,100.00 $74,900.00 53,530.00 $21,370.00 $4,750.00 33,250.00 70.00 1,600.00 8,900.00 $48,570.00 $1,700.00 3,650.00 $5.350.00 $12.000.00 31,220.00 43,220.00 $48,570.00
Transcribed Image Text:Unadjusted Financial Statements Cole Designs Inc. Income Statement For the Year Ended December 31, 2016 1 Fees earned 2 Wages expense 3 Net income Assets Cole Designs Inc. Balance Sheet December 31, 2016 1 2 Cash 3 Accounts receivable 4 Supplies 5 Prepaid insurance 6 Equipment 7 Total assets 8 9 Unearned fees 10 11 Common stock 12 Retained earnings 13 Total liabilities and stockholders' equity Liabilities Stockholders' Equity Adjusted Financial Statements 1 Fees earned 2 Expenses: 3 Wages expense 4 Supplies expense 5 Insurance expense 6 Depreciation expense 7 Total expenses 8 Net income Cole Designs Inc. Income Statement For the Year Ended December 31, 2016 Cole Designs Inc. Balance Sheet December 31, 2016 Assets 1 2 Cash 3 Accounts receivable 4 Supplies 5 Prepaid insurance 6 Equipment 7 Less accumulated depreciation 8 Total assets 9 Liabilities 10 Wages payable 11 Unearned fees 12 Total liabilities 13 14 Common stock 15 Retained eamings 16 Total liabilities and stockholders' equity $68,600.00 43,850.00 $24,750.00 Stockholders' Equity $12,000.00 34,600.00 $45,550.00 3,480.00 2,400.00 2,100.00 $11,000.00 2,100.00 $4,750.00 32,800.00 3,550.00 4,000.00 11,000.00 $56,100.00 $9,500.00 46,600.00 $56,100.00 $74,900.00 53,530.00 $21,370.00 $4,750.00 33,250.00 70.00 1,600.00 8,900.00 $48,570.00 $1,700.00 3,650.00 $5.350.00 $12.000.00 31,220.00 43,220.00 $48,570.00
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