Ledger accounts, adjusting entries, financial statements, and closing entries; option Instructions Chart of Accounts Labels and Amount Descriptions Instructions Lakota Freight Co. UNADJUSTED TRIAL BALANCE March 31, 20Y4 ACCOUNT TITLE DEBIT CREDIT 1 Cash 12,000.00 2 Supplies 30,000.00 3 Prepaid Insurance 6,000.00 4 Equipment 100,000.00 5 Accumulated Depreciation-Equipment 25,000.00 6 Trucks 50,000.00 7 Accumulated Depreciation-Trucks 15,000.00 8 Accounts Payable 5,000.00 9 Common Stock 28,000.00 10 Retained Earnings 11 Dividends 49,900.00 15,000.00 ger accounts, adjusting entries, financial statements, and closing entries; optional Instructions Chart of Accounts Labels and Amount Descriptions nstructions Dividends 12 Service Revenue 13 Wages Expense 14 Rent Expense 15 Truck Expense 16 Miscellaneous Expense 17 Totals 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 $3,000. C. Depreciation of equipment during year is $8,450. D. Depreciation of trucks during year is $6,000. E. Wages accrued but not paid at March 31 are $500. 15,000.00 160,000.00 46,000.00 10,100.00 9,000.00 4,800.00 282,900.00 282,900.00 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. Refer to the Chart of Accounts for exact wording of account titles. 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, 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 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. Prepare a statement of stockholders' equity for the year ended March 31, 20Y4, additional common stock of $6,000 was issued. Be sure to complete the statement heading. 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 Statement of Stockholders' Equity Lakota Freight Co. Statement of Stockholders' Equity (Label) Shaded cells have fee Score: 34/80 Retained Common Stock Total Earnings 2 opening balance 3 Net income $28,000.00 $49,900.00 $77,900.00 0.00 49,650.00 49,650.00 Dividends (15,000.00) (15.09.00) sending balance 28,000.00 84,550,00 112,550.00 6. Balance Sheet $ Prepaid insurance Total current assets 7 (Label) Shaded cells have feedback 3,000.00 $22,500.00 Equipment $110,000.00 5 Less: Accumulated Depreciation-Equipment 33,350.00 10 11 Trucks $60,000.00 12 Less: Accumulated Depreciation-Trucks 21,200.00 13 38,800.00 14 115,450.00 $0.00 15 Intangible Assets 16 Liabilities 17 Current liabilities