Instructions The data needed to determine year-end adjustments are as follows: - Supplies on hand at March 31 are \$7,500. - Insurance premiums expired during the year are $1,800. - Depreciation of equipment during the year is $8,350. - Depreciation of trucks during the year is $6,200. - Wages accrued but not paid at March 31 are \$600. Required: 1. A. Downioad the spreadsheet in the Ledger panel and save the Excel fle to your computer. Use the spreadsheet to post the adjusting and closing entries from the joumal 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. 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 joumal to a ledger of four-column accounts. Be sure to save your work in Excel. Your input into the spreadsheet will not bo 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 Balance in the ITEM 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. Find a blank end-of-period work sheet in the Excel spreadsheet you previously downloaded. 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 the exact wording of the account tites. CNOW journals do not use lines for joumal explanations. Every line on a joumal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered. B. Post the adjusting transactions from the journal to a ledger of four-column accounts, inserting ba/ances in the accounts affected. Add the appropriate posting reference to the journal. 4. Prepare an adjustod trial balance. 5. If you completed the ond-of-period work sheet, use the adjusted trial balance figures to propare an income statement, a statement of owner's equity, and a balance sheet. If you didn' complete the end-ol-period work sheet, use the lodger (the Excel spreadsheet) to prepare an income statement, a statement of owner's equity, and a balance sheet." 6. A. Journalize the closing entries on page 27 of the journal. Aefer to the chart of accounts for the exact wording of the account bites. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered. (Note: Complete the adjusted trial balance, the income statement, the 5. If you completed the end-of-period work sheet, use the adjusted trial balance figures to prepare an income statement, a statement of owner's equity, and a balance sheet. If you didn' complete the end-of-period work sheet, use the ledger (the Excel spreadsheet) to prepare an income statement, a statement of owner's equity, and a balance sheet." 6. A. Joumalize the closing entries on page 27 of the joumal. Refer to the chart of accounts for the exact wording of the account tities. CNOW joumals do not use lines for joumal explanations. Every line on a joumal page is used for debit or credit entries. CNOW joumals will automatically indent a credit entry when a credit amount is entered. (Note: Complete the adjusted trial balance, the income statement, the statement of owner's equily, and the balance sheet BEFORE completing part 6. A.) B. Post the closing entries to the ledger of four-column accounts, inserting balances in the accounts atfected. Add the appropriate posting reference to the journal. 7. Prepare a post-closing trial balance. - Be sure to read the instructions for each financial statement carefully. 3. A. Joumalize the adjusting entries on Page 26 of the joumal. Adjusting entries are recorded on March 31. Refer to the Chart of Accounts for acoount titles. 3. B. Add the appropriate posting reference to the journal. 6. A. Joumalize the closing entries on page 27 of the joumal. Refer to the Chart of Accounts for account titles. (Note: Complete the adjusted trial balance, the income statement, the statement of owner's equity, and the balance sheet BEFOAE completing part 6. A.) 6. B. Add the appropriate posting reference to the joumal. Refer to the chart of accounts for the exact wording of the account titles. CNOW joumals do not use lines for journal explanations. Every line on a joumal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered. Note: Scroll down for pege 27 of the journal. Adjusted Trial Balance Lakota Freight Co. ADJUSTED TRIAL BALANCE March 31, 20 Y7 \begin{tabular}{|l|l|l|} \hline & \multicolumn{1}{|c|}{ ACCOUNT TITLE } & DEBIT \\ \hline 1 & Cash \\ \hline 2 & Supplies \\ \hline 3 & Prepaid Insurance \\ \hline 4 & Equipment \\ \hline 5 & Accumulated Depreciation-Equipment \\ \hline 6 & Trucks \\ \hline 7 & Accumulated Depreciation-Trucks \\ \hline 8 & Accounts Payable \\ \hline 9 & Wages Payable \\ \hline 10 & Kaya Tarango, Capital \\ \hline 11 & Kaya Tarango, Drawing \\ \hline 12 & Service Revenue \\ \hline & \\ \hline \end{tabular} Adjusted Trial Balance 8 Accounts Payable 9 Wages Payable 10 Kaya Tarango, Capital 11 Kaya Tarango, Drawing 12 Service Revenue 13 Wages Expense 14 Supplies Expense 15 Rent Expense 16 Truck Expense 17 Depreciation Expense-Equipment 18 Depreciation Expense-Trucks 19 Insurance Expense 20 Miscellaneous Expense 21 Totals 5. II you completed the end-of-period work sheet, use the adfusted trial batance figures to prepare an income stafement for the year ended March 31, 20y7. If you didn' complete the end-al-period work sheet, use the ledger (the Excel spreadsheet) to prepare an income statement for the year ended March 31, 20r7. Be sure to complete the statement theading Reler to the Chart or Accounts and the list of Labels and Amount Descriptions for the exact wording of the answer chaices for text entries. Enser amounts as positive numbers unless the amount is a caiculation that results in a negative amount. For example: Not lass should bo negative. Exponses should be positive. You will not noed to entor colons () on the hoome statement. Income Statement Lakota Freight Co. Income Statement (Label) 1 2 (Label) 3 4 5 6 7 8