3. A. Joumalize the adjusting entries on Page 26 of the joumal. Adjusting entries are recorded on March 31. Refer to the Chart of Accounts for account titles. 3.8. Add the appropriate posting reference to the joumal. 6. A. Journalize the closing entries on page 27 of the joumal. Refer to the Chart of Accounts for account titles. (Note: Complete the adjusted trial balance, the income statement, the statement of owner's equity, and the balance sheet BEFORE completing part 6. A) 6. B. Add the appropriate posting reference to the joumal Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for joumal explanations. Every line on a journal page is used for debit or credit entries. CNOW joumals will automatically indent a credit entry when a credit amount is entered. Note: Scroll down for page 27 of the journal. PAGE 26 JOURNAL ACCOUNTING EQUATION DATE DESCRIPTION POST. REF DEBIT CREDIT ASSETS LIABUT IS EQUITY Adjusting Entries 3 2 20 PAGE 27 JOURNAL ACCOUNTING EQUATION DATE DESCRIPTION POST. REF DEBIT CREDIT ASSETS LIABILITIES EQUITY 1 Closing Entries 2 3 4 S 6 . ON 9 10 2 5. you completed the end-of-period work sheet use the adjusted trial balance figures to prepare a balance sheet as of March 31, 2017 you didn't complete the end-of-period work sheet, use the ledger (the Excel spreadsheet) to prepare a balance sheet as of March 31, 2017. Be sure to complete the statement heading. Refer to the Chart of Accounts and the list of Labels and Amount Descriptions for the exact wording of the answer choices for text entries. You will not need to enter colons() or the word "Zess on the balance sheet, they will automatically insert where necessary. Enter all values as positive amounts. Lakota Freight Co. Balance Sheet March 31, 2017 1 Assets 2 Label 3 4 5 Label) 9 39 $ # B Labilities 18 Oness Equity 10 22 7. Prepare a post-closing trial balance, Lakota Freight Co. POST-CLOSING TRIAL BALANCE March 31, 2017 ACCOUNT TITLE DEBIT CREDIT 2 Supplies 3 Prepaid Insurance 2 Equipment s Accumulated Depreciation Equipment & Trucks 7. Accumulated Depreciation-Trucks 8 Actounts Payable Wages Payable 20. Kaya Tarango, Capital SER The unadjusted trial balance of Lakota Freight Co. at March 31, 2017, the end of the year, follows: Lakota Freight Co. UNADJUSTED TRIAL BALANCE March 31, 2017 DEBIT CREDIT ACCOUNT TITLE 12,000.00 1 Cash 30,000.00 2 Supplies 3,600.00 3 Prepaid Insurance 110,000.00 4 4 Equipment 5 Accumulated Depreciation-Equipment 25,000.00 Trucks 60,000.00 7 Accumulated Depreciation-Trucks 15,000.00 Accounts Payable 4,000.00 9 Kaya Tarango, Capital 96.000.00 Kaya Torango, Drawing 15,000.00 Service Revenue 160,00000 Wages Expense 45,000.00 10.600.00 Truck Expense 15 Miscellaneous Expense 500,000.00 Supplies on hand at March 31 are $7,500. Insurance premiums expired during the year are $1,800. Depreciation of equipment during the year is $8,350. Depreciation of trucks during the year is $6,200. - Wages accrued but not paid at March 31 are $600. Required: 1. A Download the spreadsheet in the Ledger panel and save the Excel file to your computer. Use the spreadsheet to post the adjusting and closing entries from the joumal to a ledger of four-column accounts. Be sure to save your work in Excel. Your input into the spreadsheet will not be included in your grade in CengageNOW on this problem. B. For each account listed in the unadjusted trial balance, enter the balance in the appropriate Balance column of a four-column account and enter X" in the Post. Ref. column. Enter Balance the ITEM column 2. (Optional) On your own paper or spreadsheet, enter the unadjusted trial balance on an end-of-period work sheet and complete the work sheet. Find a blank end-of-period work she the Excel spreadsheet you previously downloaded 3. A Joumalize the adjusting entries on Page 26 of the joumal. Adjusting entries are recorded on March 31. Refer to the chart of accounts for the exact wording of the account titles. CNOW joumals do not use lines for joumal explanations. Every line on a joumal page is used for debit or credit entries. GNOW joumals will automatically indent a credit entry when a credit amount is entered B. Post the adjusting transactions from the joumal to a ledger of four-column accounts, inserting balances in the accounts affected Add the appropriate posting reference to the journal 4. Prepare an adjusted trial balance 5. If you completed the end-of-period work sheet, use the adjusted trial balance figures to prepare an income statement, a statement of owner's equity, and a balance sheet. If you didn't complete the end-of-period work sheet use the ledger (the Excel spreadsheet) to prepare an income statement a statement of owner's equity, and a balance sheet. 8. A Joumalize the closing entries on page 27 of the journal. Refer to the chart of accounts for the exact wording of the account tities CNOW joumals do not use lines for joumal explanations Every line on a journal page is used for debit or credit entries. ONOW joumals will automatically indent a credit entry when a credit amount is entered. (Note: Complete the adjusted trial balance, the income statement, the statement of owner's equity, and the balance sheet BEFORE completing part 6. A.) B. Post the closing entries to the ledger of four-column accounts, inserting balances in the accounts affected. Add the appropriate posting reference to the journal 7. Prepare a post-closing trial balance * Be sure to read the instructions for each financial statement carefully