Chapter $4$

The Acoounting Cycle

Net income:

$551,150$

PR $4-4$A Ledger accounts, adjusting entries, financial statements, and closing entries; optional spreadsheet

The unadjusted trial balance of Lakota Fre

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 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

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 column.

$($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.

Journalize 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 Lakota Freight Co$.\text{'}$s chart of accounts should be used: Wages Payable, $22$; Supplies Expense, $52$; Depreciation Expense$-$Equipment, $55$; Depreciation Expense$-$Trucks, $56$; Insurance Expense, $57.$

Exeprre an adjusted trial balance

Prepare an income statement, a statement of stockholders' equity, and a balance sheet. During the year ended March $31,20$Y$4,$ additional common stock of $$6,000$ was issued.

Journalize and post the closing entries. Record the closing entries on Page $27$ of the journal. Indicate closed accounts by inserting a line in both Balance columns opposite the closing entry.

Prepare a post$-$closing trial balance.