Instructions Lakota Freight Co. UNADJUSTED TRIAL BALANCE March 31, 2014 ACCOUNT TITLE CREDIT DEBIT 12,000.00 1 Cash 2 Supplies 30,000.00 3 Prepaid Insurance 3,600.00 110,000.00 4 Equipment 5 Accumulated Depreciation Equipment 25,000.00 6 Trucks 60,000.00 15,000.00 7 Accumulated Depreciation-Trucks 8 Accounts Payable 4,000.00 9 Common Stock 26,000.00 10 Retained Earnings 70,000.00 11 Dividends 15,000.00 160,000.00 12 Service Revenue 15 Wages Expense 45,000.00 Check My Work edger accounts, adjusting entries, financial statements, and closing entries: optional spreadsheet Instructions Chart of Accounts Labels and Amount Descriptions Work Sheet Journal Ledger Instructions 5. a. Prepare an income statement for the year ended March 31, 2014. 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 Acoounts 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. Prepare a statement of stockholders' equity for the year ended March 31, 2014. Be sure to complete the statement heading, Refer to the Vists 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. Prepare a balance sheet as of March 31, 2014, additional common stock of $6,000 was issued. 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 (1) or the word "Less" on the balance sheet, they will automatically insert where necessary. Refer to the Chart of Accounts for exact wording of account wines. Refer to the dists 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. Joumalize the closing entries on page 27 of the journal. (Note: Complete the adjusted trial batance, the income statement, the statement or stockholders' equity, and the balance shoot BEFORE completing part 6. a) b. Post the closing entries, inserting batances in the accounts affected. Leave the ITEM column BLANK for each row except when entering an decount balance in the first row. In that case, enter the word Balance in tho ITEM column in the first row. W the account balance is zero (O) after closing entries are posted, enter a zero (0) in the account's normal balance column. If the account balance is zero (O), enter a zero (0) in the account's normal balance column. 7. Prepare a post-closing trial balance. Check My Work
