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. Cole Designs
Income Statement
For the Year Ended December 31, 2018
Fees earned $77,000.00
Expenses:
Wages expense $47,200.00
Supplies expense 3,515.00
Insurance expense 2,900.00
Depreciation expense 2,000.00
Total expenses 55,615.00
Net income $21,385.00
CHART OF ACCOUNTS
Cole Designs
General Ledger
ASSETS
Cash
Accounts Receivable
Supplies
Prepaid Insurance
Equipment
Accumulated Depreciation-Equipment
LIABILITIES
Wages Payable
Unearned Fees
EQUITY
Ann Cole, Capital
Ann Cole, Drawing
REVENUE
Fees Earned
EXPENSES
Wages Expense
Supplies Expense
Insurance Expense
Depreciation Expense

1- Accounts Receivable (Dr.) $500

Fees Earned (Cr.) $500

2- Unearned Fees (Dr.) $4,500

Accounts Receivable (Cr.) $4,500

3- Insurance Expense (Dr.) $1,600

Prepaid Insurance (Cr.) $1,600

4- Depreciation Expense (Dr.) $1,700

Accumulated Depreciation (Cr.) $ 1,700

5- Office Supplies Expense (Dr.) $3,530

Office Supplies (Cr.) $3,530

6- Wages Expense (Dr.) $1,850

Wages Payable (Cr.) $1,850

Explanation:

Adjusting entries are prepared at the month end to adjust the transaction which occur after the recording or if there is any change in already recorded transaction. The liabilities and assets accounts are adjusted at the month end to reflect true expense or liability.

being born in poverty would limit the people's chances, opportunities and benefits.

this happen because of several things, such as:

- poor people tend to gain less access to good education and nutrition. this mean that their chance to obtain high paying jobs would also be limited.

- poor people tend to socialize with other poor people while the rich tend to socialize with other rich people. this means that simply throguh their social circle, rich people would have more business opportunities compared to the poor people.

- rich people tend to have more capital in their disposal. this would benefit them in business since it is far easier for them to fund their business operation compared to poor people.