Chapter 4, solution 4-4a page 218-219 of Accounting 27th edition isnb: 978-1-337-27209-4

PR 4-4A Ledger accounts, adjusting entries, financial statements, OBJ. 2, 3 and closing entries; optional spreadsheet

The unadjusted trial balance of Lakota Freight Co. at March 31, 2019, the end of the year, follows:

Instructions 1. For each account listed in the unadjusted trial balance, enter the balance in a T ac- Payable, Depreciation Expense, Laundry Supplies Expense, and Insurance Expense. 2. (Optional) Enter the unadjusted trial balance on an end-of-period spreadsheet and count. Identify the balance as June 30 Bal In addition, add T accounts for Wages complete the spreadsheet. Add the accounts listed in part (1) as needed 3. Journalize and post the adjusting entries, Identify the adjustments as "Adi and the new balances as Adj. Bal." 4. Prepare an adjusted trial halance. 5. Prepare an income statement, a statement of owner's equity (no additional investments were made during the year), and a balance sheet 6. Journalize and post the closing entries Identify the closing entries as "Clos. 7. Prepare a post-closing trial halance. OBJ. 2.3 PR 4-4A Ledger accounts, adjusting entries, financial statements, and closing entries optional spreadsheet The unadjusted trial balance of Lakota Freight Co. at March 31, 2019, the end of the year, follows Lakota Freight Co. Unadjusted Trial Balance March 31, 2019 Account Debit DebitBalances NoBalances 11 12000 13 30,000 Prepaid Insurance.uuma 14 Accumulated Depreciation-Equipment.... 17 19 Kaya Tarango, Capital .31 16 110000 25,000 Trucks.. 18 60,000 15,000 Accounts Payable. . 15,000 ?60000 Service Revenue 5145000 10,600 Wages Expense....cc51 Truck Expense 54 59 4.800 300000 10.000 The 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 the year are $1,800. c. Depreciation of equipment during the year is $8,350. d. Depreciation of trucks during the year is $6,200. e. Wages accrued but not paid at March 3I are $600