he unadjusted trial balance of Lakota Freight Co at March 31, 2018, the end of the year, follows Lakota Freight Co UNADJUSTED TRIAL BALANCE March 31, 2018 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 8 Accounts Payable 4,000 00 9 Common Stock 26,000 00 10 Retained Earnings 70,000 00 11 Dividends 15,000 00 12 Service Revenue 160,000 00 13 Wages Expense 45,000 00 14 Rent Expense 10,600 00 15 Truck Expense 9,000 00 16 Miscellaneous Expense 4,800 00 17 Totals 300,000 00 300,000 00 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 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 the word Balance in the ITEM column 2 (Optional) On the Work Sheet tab of the downloaded spreadsheet, enter the unadjusted trial balance and complete the work sheet 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 exact wording of account titles 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 a 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, 2018 If you didnt complete the end of period work sheet, use the ledger (the Excel spreadsheet) to prepare an income statement for the year ended March 31, 2018 If a net loss has been incurred, enter that amount as a negative number using a minus sign Be sure to complete the statement heading You will not need to enter colons ( ) on the income statement Refer to the Chart of Accounts for exact wording of account titles Refer to the lists of Labels and Amount Descriptions for exact wording of the answer choices for text entries other than account names b If you completed the end of period work sheet, use the adjusted trial balance figures to prepare a retained earnings statement for the year ended March 31, 2018 If you didnt complete the end of period work sheet, use the ledger (the Excel spreadsheet) to prepare a retained earnings statement for the year ended March 31, 2018 Be sure to complete the statement heading Refer to the Chart of Accounts for exact wording of account titles Refer to the lists of Labels and Amount Descriptions for exact wording of the answer choices for text entries other than account names For those boxes in which you must enter subtracted or negative numbers use a minus sign c If you completed the end of period work sheet, use the adjusted trial balance figures to prepare a balance sheet as of March 31, 2018 If you didnt complete the end of period work sheet, use the ledger (the Excel spreadsheet) to prepare a balance sheet as of March 31, 2018 Be sure to complete the statement heading Fixed assets must be entered in order according to account number You will not need to enter colons ( ) on the balance sheet they will automatically insert where necessary Refer to the Chart of Accounts for exact wording of account titles Refer to the lists of Labels and Amount Descriptions for exact wording of the answer choices for text entries other than account names For those boxes in which you must enter subtracted or negative numbers use a minus sign 6 a Journalize the closing entries on page 27 of the journal (Note Complete the adjusted trial balance, the income statement, the retained earnings statement, and the balance sheet BEFORE completing part 6 a ) b Post the closing entries, inserting balances in the accounts affected Leave the ITEM column BLANK for each row after the beginning balance row If the account balance is zero (0) after closing entries are posted, enter a zero (0) in the account's normal balance column If the account balance is zero (0), enter a zero (0) in the account's normal balance column 7 Prepare a post closing trial balance

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he unadjusted trial balance of Lakota Freight Co. at March 31, 2018, the end of the year, follows: Lakota Freight Co. UNADJUSTED TRIAL BALANCE March

he unadjusted trial balance of Lakota Freight Co. at March 31, 2018, the end of the year, follows:

Lakota Freight Co.

UNADJUSTED TRIAL BALANCE

March 31, 2018

	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
8	Accounts Payable		4,000.00
9	Common Stock		26,000.00
10	Retained Earnings		70,000.00
11	Dividends	15,000.00
12	Service Revenue		160,000.00
13	Wages Expense	45,000.00
14	Rent Expense	10,600.00
15	Truck Expense	9,000.00
16	Miscellaneous Expense	4,800.00
17	Totals	300,000.00	300,000.00

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.

Required:

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 the word "Balance" in the ITEM column.

(Optional) On the Work Sheet tab of the downloaded spreadsheet, enter the unadjusted trial balance and complete the work sheet.

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 exact wording of account titles.
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.

Prepare an adjusted trial balance.

a.	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, 2018. If you didnt complete the end-of-period work sheet, use the ledger (the Excel spreadsheet) to prepare an income statement for the year ended March 31, 2018. If a net loss has been incurred, enter that amount as a negative number using a minus sign. Be sure to complete the statement heading. You will not need to enter colons (:) on the income statement. Refer to the Chart of Accounts for exact wording of account titles. Refer to the lists of Labels and Amount Descriptions for exact wording of the answer choices for text entries other than account names.
b.	If you completed the end-of-period work sheet, use the adjusted trial balance figures to prepare a retained earnings statement for the year ended March 31, 2018. If you didnt complete the end-of-period work sheet, use the ledger (the Excel spreadsheet) to prepare a retained earnings statement for the year ended March 31, 2018. Be sure to complete the statement heading. Refer to the Chart of Accounts for exact wording of account titles. Refer to the lists of Labels and Amount Descriptions for exact wording of the answer choices for text entries other than account names. For those boxes in which you must enter subtracted or negative numbers use a minus sign.
c.	If you completed the end-of-period work sheet, use the adjusted trial balance figures to prepare a balance sheet as of March 31, 2018. If you didnt complete the end-of-period work sheet, use the ledger (the Excel spreadsheet) to prepare a balance sheet as of March 31, 2018. Be sure to complete the statement heading. Fixed assets must be entered in order according to account number. You will not need to enter colons (:) on the balance sheet; they will automatically insert where necessary. Refer to the Chart of Accounts for exact wording of account titles. Refer to the lists of Labels and Amount Descriptions for exact wording of the answer choices for text entries other than account names. For those boxes in which you must enter subtracted or negative numbers use a minus sign.

a.	Journalize the closing entries on page 27 of the journal. (Note: Complete the adjusted trial balance, the income statement, the retained earnings statement, and the balance sheet BEFORE completing part 6. a.)
b.	Post the closing entries, inserting balances in the accounts affected. Leave the ITEM column BLANK for each row after the beginning balance row. If the account balance is zero (0) after closing entries are posted, enter a zero (0) in the account's normal balance column. If the account balance is zero (0), enter a zero (0) in the account's normal balance column.

Prepare a post-closing trial balance.