Customer relationship management $($CRM$)$ is considered critical largely because of $$

revised government regulations

external pressure by suppliers and vendors

competitive pressures in the marketplace

increasing demand by customers

internal pressure by employees

ipter $4$ The Acoounting Cycle

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

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 of umn of a four$-$column account and place a check mark $()$ in the Posting Reference colume

$($Optional$)$ Enter the unadjusted trial balance on an end$-$of$-$period spreadshthe 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. Recordte 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, $57.$

Fix erare$-$an$-$adjusted trial balance

Prepare an income statement, a statement of stockholders' equity, and a balance sheet. Duing 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 jount Indicate closed accounts by inserting a line in both Balance columns opposite the closing entrt

Prepare a post$-$closing trial balance.