Chapter 4 Completing the Accounting Cycle Obj. 2, 3 PR 4-4A Le and closing entries; optional spreadsheet dger accounts, adjusting entries, financial statements, sted trial balance of Lakota Freight Co. at March 31, 2018, the end of the year, follows 51,150 Lakota Freight Co. Unadjusted Trial Balance March 31, 2018 Balances Balances 12,000 30,000 AL LEDGI Cash 13 Prepaid Insurance.. 110,000 16 17 18 19 25000 15,000 nt Accumulated Depreciation-Equipment. Trucks. 60,000 Accumulated Depreciation-Trucks Accounts Payable.. Common Stock Retained Earnings Dividends Service Revenue Wages Expense Rent Expense Truck Expense Miscellaneous Expense.. 4,000 31 32 70,000 15,000 160,000 41 51 53 54 59 45,000 10,600 300,000 300,000 e data needed to determine year-end adjustments are as follows: A) Supplies on hand at March 31 are $7.500. (B) Insurance premiums expired during year are $1,800. (C) Depreciation of equipment during year is $8,350. (D) Depreciation of trucks during year is $6,200. (E) Wages accrued but not paid at March 31 are $600. Instructions 1. For each account listed in the trial balance, enter the balance in the appropriate Balance column of a four-column account and place a check mark in the Posting Reference 2. (optional) Enter the unadjusted trial balance on an end-of-period spreadsheet and complete the spreadsheet. Add the accounts listed in part (3) as needed 3. lournalize and post the adjusting entries, inserting balances in the accounts affected. Record the adjusting entries on Page 26 of the journal. The following additional accounts from La- kota Freight Co.'s chart of accounts should be used: Wages Payable, 22; Supplies Expense, 52; Depreciation Expense-Equipment, 55; Depreciation Expense- Trucks, 56; Insurance Expense, 57 4. Prepare an adjusted trial balance. 5. Prepare an income statement, a retained earnings statement, and a balance sheet. 6. Journalize and post the closing entries. Record the closing entries on Page 27 of the jourmal. (Income Summary is account "34 in the charto inserting a line in both Balance columns opposite the closing entry cate closed accounts by 7. Prepare a post-closing trial balance