Chapter 4 Homework Q(7)

Ledger accounts, adjusting entries, financial statements, andclosing entries; optional spreadsheet

Chrome File Edit View History Bookmarks Profiles Tab Window Help [ Mon 3:20 PM Q DE ... Bb Lessons / Assignments - 20215 X CengageNOWv2 | Online teach X (24,353 unread) - rawan.shalal x Homework Help - Q&A from Or X + C v2.cengagenow.com/ilrn/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogress=false F. Paused ... Chapter 4 Homework eBook Print Item Ledger accounts, adjusting entries, financial statements, and closing entries; optional spreadsheet ? Instructions Chart of Accounts Labels and Amount Descriptions Work Sheet Journal Ledger Instructions X The unadjusted trial balance of Lakota Freight Co. at March 31, 20Y7, the end of the year, follows: Lakota Freight Co. UNADJUSTED TRIAL BALANCE March 31, 20Y7 ACCOUNT TITLE DEBIT CREDIT 1 Cash 12,000.00 2 Supplies 30,000.00 3 Prepaid Insurance 3,600.00 4 Equipment 110,000.00 5 Accumulated Depreciation-Equipment 25,000.00 6 Trucks 60,000.00 7 Accumulated Depreciation-Trucks 15,000.00 Accounts Payable 4,000.00 Previous Assignment Score: 0.0% Email Instructor Save and Exit Submit Assignment for Grading WChrome File Edit View History Bookmarks Profiles Tab Window Help [ Mon 3:20 PM Q DE ... Bb Lessons / Assignments - 20215 X CengageNOWv2 | Online teach X (24,353 unread) - rawan.shalal x Homework Help - Q&A from Or X + C v2.cengagenow.com/ilrn/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogress=false F. Paused ... Chapter 4 Homework eBook Print Item Ledger accounts, adjusting entries, financial statements, and closing entries; optional spreadsheet ? Instructions Chart of Accounts Labels and Amount Descriptions Work Sheet Journal Ledger Instructions X 8 Accounts Payable 4,000.00 9 Kaya Tarango, Capital 96,000.00 10 Kaya Tarango, Drawing 15,000.00 11 Service Revenue 160,000.00 12 Wages Expense 45,000.00 13 Rent Expense 10,600.00 14 Truck Expense 9,000.00 15 Miscellaneous Expense 4,800.00 16 Totals 300,000.00 300,000.00 The data needed to determine year-end adjustments are as follows: . Supplies on hand at March 31 are $7,500. . Insurance premiums expired during the year are $1,800. Previous Assignment Score: 0.0% Email Instructor Save and Exit Submit Assignment for Grading WChrome File Edit View History Bookmarks Profiles Tab Window Help [ Mon 3:20 PM Q DE ... Bb Lessons / Assignments - 20215 X CengageNOWv2 | Online teach X (24,353 unread) - rawan.shalal x Homework Help - Q&A from Or X + C v2.cengagenow.com/ilrn/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogress=false F. Paused ... Chapter 4 Homework eBook Print Item Ledger accounts, adjusting entries, financial statements, and closing entries; optional spreadsheet ? Instructions Chart of Accounts Labels and Amount Descriptions Work Sheet Journal Ledger Instructions X 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 journal 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 in 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 sheet in the Excel spreadsheet you previously downloaded. 3. A. Journalize the adjusting entries on Page 26 of the journal. Adjusting entries are recorded on March 31. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered. B. Post the adjusting transactions from the journal to a ledger of four-column accounts, inserting balances in the accounts affected. Add the Assignment Score: 0.0% Email Instructor Save and Exit Submit Assig WChrome File Edit View History Bookmarks Profiles Tab Window Help [ Mon 3:20 PM Q DE ... Bb Lessons / Assignments - 20215 X CengageNOWv2 | Online teach X (24,353 unread) - rawan.shalal x Homework Help - Q&A from Or X + v2.cengagenow.com/ilrn/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogress=false F. Paused ... Chapter 4 Homework eBook Print Item Instructions Chart of Accounts Labels and Amount Descriptions Work Sheet Journal Ledger ? Instructions X . .. exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered. B. Post the adjusting transactions from the journal 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. * 6. A. Journalize the closing entries on page 27 of the journal. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals 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. Assignment Score: 0.0% Email Instructor Save and Exit Submit Assig WChrome File Edit View History Bookmarks Profiles Tab Window Help [ Mon 3:21 PM Q DE ... Bb Lessons / Assignments - 20215 X CengageNOWv2 | Online teach X (24,353 unread) - rawan.shalal x Homework Help - Q&A from Or X + - C v2.cengagenow.com/ilrn/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogress=false F. Paused ... Chapter 4 Homework eBook Print Item Instructions Chart of Accounts Labels and Amount Descriptions Work Sheet Journal Ledger ? Chart of Accounts X ASSETS REVENUE 11 Cash 41 Service Revenue 13 Supplies 14 Prepaid Insurance EXPENSES 16 Equipment 51 Wages Expense 17 Accumulated Depreciation-Equipment 52 Supplies Expense 18 Trucks 53 Rent Expense 19 Accumulated Depreciation-Trucks 54 Truck Expense 55 Depreciation Expense-Equipment LIABILITIES 56 Depreciation Expense-Trucks 21 Accounts Payable 57 Insurance Expense 22 Wages Payable 59 Miscellaneous Expense EQUITY 31 Kaya Tarango, Capital 32 Kaya Tarango, Drawing 33 Income Summary Previous Assignment Score: 0.0% Email Instructor Save and Exit Submit Assignment for Grading 4 WChrome File Edit View History Bookmarks Profiles Tab Window Help [ Mon 3:21 PM Q DE ... Bb Lessons / Assignments - 20215 X CengageNOWv2 | Online teach X (24,353 unread) - rawan.shalal X Homework Help - Q&A from Or X + - C v2.cengagenow.com/ilrn/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogress=false F. Paused ... Chapter 4 Homework eBook Print Item Instructions Chart of Accounts Labels and Amount Descriptions Work Sheet Journal Ledger ? Labels and Amount Descriptions X Revenues Amount Descriptions Decrease in owner's equity Increase in owner's equity Kaya Tarango, capital, April 1, 20Y6 Kaya Tarango, capital, March 31, 20Y7 Net income Net loss Total assets Total current assets Total expenses Total liabilities Total liabilities and owner's equity Total property, plant, and equipment Withdrawals Previous Assignment Score: 0.0% Email Instructor Save and Exit Submit Assignment for Grading 4 WChrome File Edit View History Bookmarks Profiles Tab Window Help [ Mon 3:21 PM Q DE ... Bb Lessons / Assignments - 20215 X CengageNOWv2 | Online teach X (24,353 unread) - rawan.shalal x Homework Help - Q&A from Or X + C v2.cengagenow.com/ilrn/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogress=false F. Paused ... Chapter 4 Homework eBook Print Item Ledger accounts, adjusting entries, financial statements, and closing entries; optional spreadsheet ? Instructions Chart of Accounts Labels and Amount Descriptions Work Sheet Journal Ledger v Journal X 3. A. Journalize the adjusting entries on Page 26 of the journal. Adjusting entries are recorded on March 31. Refer to the Chart of Accounts for account titles. 3. B. Add the appropriate posting reference to the journal. 6. A. Journalize the closing entries on page 27 of the journal. 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 journal. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals 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 LIABILITIES EQUITY Previous Assignment Score: 0.0% Email Instructor Save and Exit Submit Assignment for Grading WChrome File Edit View History Bookmarks Profiles Tab Window Help [ Mon 3:21 PM Q DE ... Bb Lessons / Assignments - 20215 X CengageNOWv2 | Online teach X (24,353 unread) - rawan.shalal x Homework Help - Q&A from Or X + C v2.cengagenow.com/ilrn/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogress=false F. Paused ... Chapter 4 Homework eBook Print Item Ledger accounts, adjusting entries, financial statements, and closing entries; optional spreadsheet ? Instructions Chart of Accounts Labels and Amount Descriptions Work Sheet Journal Ledger v Journal X PAGE 26 JOURNAL ACCOUNTING EQUATION DATE DESCRIPTION POST. REF. DEBIT CREDIT ASSETS LIABILITIES EQUITY 1 Adjusting Entries 2 3 A 10 11 Previous Assignment Score: 0.0% Email Instructor Save and Exit Submit Assignment for Grading WChrome File Edit View History Bookmarks Profiles Tab Window Help [ Mon 3:21 PM Q DE ... Bb Lessons / Assignments - 20215 X CengageNOWv2 | Online teach X (24,353 unread) - rawan.shalal x Homework Help - Q&A from Or X + C v2.cengagenow.com/ilrn/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogress=false F. Paused ... Chapter 4 Homework eBook Print Item Ledger accounts, adjusting entries, financial statements, and closing entries; optional spreadsheet ? Instructions Chart of Accounts Labels and Amount Descriptions Work Sheet Journal Ledger v Journal X PAGE 27 JOURNAL ACCOUNTING EQUATION DATE DESCRIPTION POST. REF. DEBIT CREDIT ASSETS LIABILITIES EQUITY 1 Closing Entries 2 3 A un 1 00 10 11 Assignment Score: 0.0% Email Instructor Save and Exit Submit Assig WChrome File Edit View History Bookmarks Profiles Tab Window Help [ Mon 3:21 PM Q DE ... Bb Lessons / Assignments - 20215 X CengageNOWv2 | Online teach X (24,353 unread) - rawan.shalal x Homework Help - Q&A from Or x + C v2.cengagenow.com/ilrn/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogress=false F. Paused ... Chapter 4 Homework eBook Print Item Ledger accounts, adjusting entries, financial statements, and closing entries; optional spreadsheet ? Instructions Chart of Accounts Labels and Amount Descriptions Work Sheet Journal Ledger Ledger Download the attached SPREADSHEET and save the Excel file to your computer. Use the spreadsheet to post the adjusting and closing entries from the journal 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. 1. 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 in the ITEM column 3. B. Post the adjusting transactions from the journal to a ledger of four-column accounts, inserting balances in the accounts affected. 6. B. Post the closing entries to the ledger of four-column accounts, inserting balances in the accounts affected. Assignment Score: 0.0% Email Instructor Save and Exit Submit Assig A WChrome File Edit View History Bookmarks Profiles Tab Window Help [ Mon 3:22 PM QE ... Bb Lessons / Assignments - 20215 X CengageNOWv2 | Online teach X (24,353 unread) - rawan.shalal x Homework Help - Q&A from Or X + C v2.cengagenow.com/ilrn/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogress=false F. Paused ... Chapter 4 Homework eBook Print Item Ledger accounts, adjusting entries, financial statements, and closing entries; optional spreadsheet ? Instructions Chart of Accounts Labels and Amount Descriptions Work Sheet Journal Ledger Adjusted Trial Balance X 4. Prepare an adjusted trial balance. Lakota Freight Co. ADJUSTED TRIAL BALANCE March 31, 20Y7 ACCOUNT TITLE DEBIT CREDIT 1 Cash 2 Supplies 3 Prepaid Insurance Equipment 5 Accumulated Depreciation-Equipment 6 Trucks 7 Accumulated Depreciation-Trucks Previous Assignment Score: 0.0% Email Instructor Save and Exit Submit Assignment for Grading 4 WChrome File Edit View History Bookmarks Profiles Tab Window Help [ Mon 3:22 PM QE ... Bb Lessons / Assignments - 20215 X CengageNOWv2 | Online teach X (24,353 unread) - rawan.shalal x Homework Help - Q&A from Or X + C v2.cengagenow.com/ilrn/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogress=false F. Paused ... Chapter 4 Homework eBook Print Item Ledger accounts, adjusting entries, financial statements, and closing entries; optional spreadsheet ? Instructions Chart of Accounts Labels and Amount Descriptions Work Sheet Journal Ledger Adjusted Trial Balance X 8 Accounts Payable 9 Wages Payable 10 Kaya Tarango, Capital 11 Kaya Tarango, Drawing 12 Service Revenue 13 Wages Expense 14 Supplies Expense 15 Rent Expense Truck Expense 17 Depreciation Expense-Equipment 18 Depreciation Expense-Trucks 19 Insurance Expense 20 Miscellaneous Expense 21 Totals Assignment Score: 0.0% Email Instructor Save and Exit Submit Assig 4 WChrome File Edit View History Bookmarks Profiles Tab Window Help ~ [ Mon 3:22 PM QE ... Bb Lessons / Assignments - 20215 X CengageNOWv2 | Online teach X (24,353 unread) - rawan.shalal x Homework Help - Q&A from Or X + C v2.cengagenow.com/ilrn/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogress=false F. Paused ... Chapter 4 Homework eBook Print Item ? Income Statement X 5. If you completed the end-of-period work sheet, use the adjusted trial balance figures to prepare an income statement for the year ended March 31, 20Y7. If you didn't complete the end-of-period work sheet, use the ledger (the Excel spreadsheet) to prepare an income statement for the year ended March 31, 20Y7. 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. Enter amounts as positive numbers unless the amount is a calculation that results in a negative amount. For example: Net loss should be negative. Expenses should be positive. You will not need to enter colons (:) on the income statement. Lakota Freight Co. Income Statement (Label) 1 2 (Label) A 7 Previous Assignment Score: 0.0% Email Instructor Save and Exit Submit Assignment for Grading 4 WChrome File Edit View History Bookmarks Profiles Tab Window Help [ Mon 3:22 PM QE ... Bb Lessons / Assignments - 20215 X CengageNOWv2 | Online teach X (24,353 unread) - rawan.shalal x Homework Help - Q&A from Or X + C v2.cengagenow.com/ilrn/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogress=false F. Paused ... Chapter 4 Homework eBook Print Item Ledger accounts, adjusting entries, financial statements, and closing entries; optional spreadsheet ? Instructions Chart of Accounts Labels and Amount Descriptions Work Sheet Journal Ledger Statement of Owner's Equity X 5. If you completed the end-of-period work sheet, use the adjusted trial balance figures to prepare a statement of owner's equity for the year ended March 31, 20Y7. If you didn't complete the end-of-period work sheet, use the ledger (the Excel spreadsheet) to prepare a statement of owner's equity for the year ended March 31, 20Y7. Be sure to complete the statement heading. Refer to the list of Labels and Amount Descriptions for the exact wording of the answer choices for text entries. For those boxes in which you must enter subtracted or negative numbers use a minus sign. Lakota Frei Statement of Owner's Equity (Label) W A Previous Assignment Score: 0.0% Email Instructor Save and Exit Submit Assignment for Grading WChrome File Edit View History Bookmarks Profiles Tab Window Help [ Mon 3:22 PM QE ... Bb Lessons / Assignments - 20215 X CengageNOWv2 | Online teach X (24,353 unread) - rawan.shalal x Homework Help - Q&A from Or X + C v2.cengagenow.com/ilrn/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogress=false F. Paused ... Chapter 4 Homework eBook Print Item Ledger accounts, adjusting entries, financial statements, and closing entries; optional spreadsheet ? Instructions Chart of Accounts Labels and Amount Descriptions Work Sheet Journal Ledger Balance Sheet X 5. If you completed the end-of-period work sheet, use the adjusted trial balance figures to prepare a balance sheet as of March 31, 20Y7. If 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, 20Y7. 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 "Less" on the balance sheet; they will automatically insert where necessary. Enter all values as positive amounts Lakota Freight Co. Balance Sheet (Label) Assets 2 (Label) 3 4 5 6 Previous Assignment Score: 0.0% Email Instructor Save and Exit Submit Assignment for Grading WChrome File Edit View History Bookmarks Profiles Tab Window Help [ Mon 3:22 PM QE ... Bb Lessons / Assignments - 20215 X CengageNOWv2 | Online teach X (24,353 unread) - rawan.shalal x Homework Help - Q&A from Or X + C v2.cengagenow.com/ilrn/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogress=false F. Paused ... Chapter 4 Homework eBook Print Item Ledger accounts, adjusting entries, financial statements, and closing entries; optional spreadsheet ? Instructions Chart of Accounts Labels and Amount Descriptions Work Sheet Journal Ledger Balance Sheet X (Label) 8 9 10 11 12 13 14 Liabilities 15 (Label) 16 17 18 19 Owner's Equity 20 Assignment Score: 0.0% Email Instructor Save and Exit Submit Assig 4 WChrome File Edit View History Bookmarks Profiles Tab Window Help ~ [ Mon 3:23 PM Q DE ... Bb Lessons / Assignments - 20215 X CengageNOWv2 | Online teach x (24,353 unread) - rawan.shalal x Homework Help - Q&A from Or X + - C v2.cengagenow.com/ilrn/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogress=false F. Paused ... Chapter 4 Homework eBook Print Item ? Instructions Chart of Accounts Labels and Amount Descriptions Work Sheet Journal Ledger Post-closing Trial Balance X 7. Prepare a post-closing trial balance. Freight Co. POST-CLOSING TRIAL BALANCE March 31, 20Y7 ACCOUNT TITLE DEBIT CREDIT 1 Cash 2 Supplies 3 Prepaid Insurance 4 Equipment 5 Accumulated Depreciation-Equipment 6 Trucks 7 Accumulated Depreciation-T 8 Accounts Payable 9 Wages Payable 10 Kaya Tarango, Capital Previous Assignment Score: 0.0% Email Instructor Save and Exit Submit Assignment for Grading 4 W