Instructions Lakota Freight Co. UNADJUSTED TRIAL BALANCE March 31, 2014 ACCOUNT TITLE DEBIT CREDIT 1 Cash Supplies 11,000.00 31,000.00) Prepaid Insurance 4,800.00 Equipment 100,000.00 Accumulated Depreciation-Equipment 25,000.00 Trucks 60,000.00 Accumulated Depreciation-Trucks 15,000.00 Accounts Payable 6,000.00 Common Stock 29,000.00 to Retained Earnings 45,200.00 11 Dividends 15,000.00 12 Service Revenue 170,000.00 13 Wages Expense 44,000.00 14 Rent Expense 10,600.00 15 Truck Expense 9,000,00 16 Miscellaneous Expense 4,800.00 17 Totals 290.200.00 290.200.00 Instructions 17 Totals 4000.00 290,200.00 290,200.00 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 $2,400. (c) Depreciation of equipment during year is $8,550. (d) Depreciation of trucks during year is $6,100. (e) Wages accrued but not paid at March 31 are $600. Required: 1. For each account listed in the trial balance, enter the balance in the appropriate Balance column of a four-column account and select the check mark in the Post. Ref. 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. 3. a. Journalize the adjusting entries on Page 26 of the journal. Adjusting entries are recorded on March 31. b. Post the adjusting entries to the ledger, inserting balances in the accounts affected 4. Prepare an adjusted trial balance. 5. a. Prepare an income statement for the year ended March 31, 20Y4. b. Prepare a statement of stockholders' equity for the year ended March 31, 20Y4, additional common stock of $7,000 was issued. c. Prepare a balance sheet as of March 31, 20Y4 6. a. Journalize the closing entries on page 27 of the journal. (Note: Complete the adjusted trial balance, the income statement, the statement of stockholders' equity, and the balance sheet BEFORE completing part 6. a.) Chart of Accounts CHART OF ACCOUNTS Lakota Freight Co. General Ledger ASSETS 11 Cash 13 Supplies 14 Prepaid Insurance 16 Equipment 17 Accumulated Depreciation-Equipment 18 Trucks 19 Accumulated Depreciation-Trucks LIABILITIES 21 Accounts Payable - 22 Wages Payable REVENUE 41 Service Revenue EXPENSES 51 Wages Expense 52 Supplies Expense 53 Rent Expense 54 Truck Expense 55 Depreciation Expense-Equipment 56 Depreciation Expense-Trucks 57 Insurance Expense 59 Miscellaneous Expense EQUITY 31 Common Stock 32 Retained Earnings 33 Dividends: Labels and Amount Descriptions Labels Current assets Current liabilities Expenses For the Year Ended March 31, 20Y4 March 31, 20Y4 Property, plant, and equipment Revenues Amount Descriptions Book value-equipment Book value-trucks Balances, April 1, 20Y3 Balances, March 31, 20Y4 Dividends Issued common stock Net income Net loss Total assets Total current assets Total expenses Total liabilities Total liabilities and stockholders' equity Total property, plant, and equipment Total stockholders' equity General Joumal 3. a. Journalize the adjusting entries on Page 26 of the joumal. Adjusting entries are recorded on March 31. 6. a. Journalize the closing entries on page 27 of the journal (Note Complete the adjusted trial balance, the income statement, the statement of stockholders' equity, and the balance sheet BEFORE completing part 6. a) General Journal Instructions . DATE DESCRIPTION Adjusting Entries PAGE 26 PAGE 27 JOURNAL ACCOUNTING EQUATION POST A DEBIT CREDIT ASSETS LABUTES EQUITY General Joumal General Joumal Instructions 50 DESCRIPTION JOURNAL DATE Closing Entries PAGE 26 PAGE 27 ACCOUNTING EQUATION POST RE DENT CREDIT ASSETS ALITIES EQUITY General Ledger Account: Cash Account: Supplies Account: Prepaid Insurance Account: Equipment Account: Accumulated Depreciation-Equipment Account: Trucks Account: Accumulated Depreciation-Trucks Account: Accounts Payable Account: Wages Payable Account: Common Stock Account: Retained Earnings Account: Dividends Account Service Revenue Account: Wages Expense Account: Supplies Expense Account Rent Expense Account: Truck Expense Account: Depreciation Expense-Equipment Account: Depreciation Expense-Trucks Account Insurance Expense Account Miscellaneous Expense LEDGER Account No. 11 Account No. 13 Account No. 14 Account No. 16 Account No. 17 Account No. 18 Account No. 19 Account No. 21 Account No. 22 Account No. 31 Account No. 32 Account No. 33 Account No. 41 Account No. 51 Account No. 52 Account No. 53 Account No. 54 Account No. 55 Account No. 56 Account No. 57 Account No. 59 > Adjusted Trial Balance Lakota Freight Co. ADJUSTED TRIAL BALANCE March 31, 20Y4 ACCOUNT TITLE 1 Cash 2 Supplies 3 Prepaid Insurance 4 Equipment 5 Accumulated Depreciation-Equipment 6 Trucks 7 Accumulated Depreciation-Trucks Accounts Payable 9 Wages Payable 10 Common Stock 11 Retained Earnings 12 Dividends 13 Service Revenue 14 Wages Expense 15 Supplies Expense 16 Rent Expense DEBIT CREDIT > Adjusted Trial Balance s Accumulated Depreciation-Equipment 6 Trucks 7 Accumulated Depreciation-Trucks Accounts Payable 9 Wages Payable 10 Common Stock 11 Retained Earnings 12 Dividends 13 Service Revenue 14 Wages Expense 15 Supplies Expense 16 Rent Expense 17 Truck Expense 18 Depreciation Expense-Equipment 19 Depreciation Expense-Trucks 20 Insurance Expense 21 Miscellaneous Expense 22 Totals Income Statement Income Statement Instructions 1 2 (Label) 3 4 5 6. 7 9 10 11 12 Lakota Freight Co. Income Statement (Label) Statement of Stockholders' Equity 5b. Prepare a statement of stockholders' equity for the year ended March 31, 20Y4, additional common stock of $7,000 was issued Statement of Stockholders' Equity Instructions J Lakota Freight Co. Statement of Stockholders' Equity (Label) Retained Common Stock Total Earnings Balance Sheet 1 2 (Label) 3 Assets 4 5 6. 7 (Label) 9 10 11 12 15 14 15 16 ushall Liabilities. Lakota Freight Co. Balance Sheet (Label) Balance Sheet 9 10 10 11 17 13 14 15 16 17 (Label) 18 Liabilities 16 20 20 21 22 23 24 25 Stockholders' Equity Post-closing Trial Balance 7. Prepare a post-closing trial balance. Lakota Freight Co. POST-CLOSING TRIAL BALANCE March 31, 20Y4 ACCOUNT TITLE 1 Cash 2 Supplies 3 Prepaid Insurance 4 Equipment 5 Accumulated Depreciation-Equipment 6 Trucks 7 Accumulated Depreciation-Trucks Accounts Payable 9 Wages Payable 10 Common Stock 11 Retained Earnings 12 Totals DEBIT CREDIT