Mastery Problem: The Adjusting Process. Unadjusted Financial Statements These financial statements were prepared from the unadjusted trial balance. Cole Designs Inc. Income Statement For the Year Ended December 31, 20Y3 Fees earned $69,400 Wages expense (43,700) Net income $25,700 Cash Accounts receivable Supplies Prepaid insurance Office equipment Total assets Unearned fees Cole Designs Inc. Balance Sheet December 31, 20Y3 Assets Liabilities Stockholders' Equity Common stock Retained earnings Total liabilities and stockholders' equity $12,000 35,925 $5,000 32,800 3,525 3,600 11,000 $55,925 $8,000 47,925 $55,925

Mastery Problem: The Adjusting Process. Unadjusted Financial Statements These financial statements were prepared from the unadjusted trial balance