Ledger accounts, adjusting entries, financial statements, and closing entries; optional spreadsheet Chart of Accounts Labels and Amount Descriptions Work Sheet Journal Ledger Instructions The unadjusted trial balance of Lakota Freight Co. at March 31, 2014, the end of the year, follows: Lakota Freight Co. UNADJUSTED TRIAL BALANCE March 31, 2014 ACCOUNT TITLE CREDIT DENT 11.000.00 Gish Supplies Prepaid Insurance 31.000.00 6,000.00 100,000.00 25.000.00 40,000.00 4 Equipment 3. Accumulated Depreciation Equipment " Trucks Accumulated Depreciation Trucks Accounts Payable Common Sie 1 Retained Earnings Dividends 15.000.00 5.000.00 28.000.00 18,000.00 15.000.00 Pre Email Instructor Save and Exit Submit Assignmer eBook Spreadsheet Ledger accounts, adjusting entries, financial statements, and closing entries; optional spreadsheet Instructions Chart of Accounts Labels and Amount Descriptions Work Sheet Journal Ledger Instructions 12 Service Revenue 180,000.00 44,000.00 13 Wages Expense 24 Rent Expense 15 Truck Expense 16 Miscellaneous Expense 10,200.00 9,000.00 4,800.00 271,000.00 17 Totals 271,000.00 The data needed to determine year-end adjustments are as follows: A. Supplies on hand at March 31 are $7,000, B. Insurance premiums expired during your are $3,000 C. Depreciation of equipment during year is $8,550, D. Depreciation of trucks during year is 56,100. E Waget accrued but not paid at March 31 are $500. Required: 1. For each account listed in the trial balance, enter the balance in the appropriate Balance como of a four column account and select the check mark in the Post Ret column Instructions Required: 1. For each account isted in the trial balance, enter the balance in the appropriate Balinee column of a tour column account and select the check mark in the Post. Rer. colum. 2. (Optional) on your own paper or spreadsheet enter the dusted trial blunce on an end of period work sheer and complete the work sheet 3. Jomote the acusting entries on Page 25 of the journal. Acusting entries are recorded on March 3. Ploter to mo Churt or Accounts for exact wording of account titles Post the adjusting entries to the door, Inserting blaces in the accounts affected 4. Prepare an aqlunted trial bulanon. $ . Prepare an income statement for the year ended March 31, 20W. If a ner oss has been incurred enter that amount as a negativnom using a mis son. Be sure to come the statement Practing you www not to enter colons on the norme stawent Meter to me Chart of Accounts for exact worden of account ones. Pater to the one of Labow and Amount Descriptions for exact wordna or the answer choices for text entries other than account names. D. Prepare a statement of stockholders equy for the year anded March 4, ional common stock of $6,000 was issued. Be sure to complete the statement reading. Refer to the sits of Labels and Amount Descriptions for exact wording of the answer choices for text entre other account names. For those DOO in which you must en subtracted or negative numbers use a minun Prepare a bon sheet as of March 31, 2014. Be sure to complete the montreading. Fixed asset must be entered in order according to account number You will not need to enter colons or the word "Less on the besheet, they will automatically insert where necessary Refer to the Chart of Accounts for exact wording of accounties. Refer to the stor Label and Amount Descriptions for exact wording of the answer choices for fedentes other than account names. For mose boxes in which you must der subtracted or negative numbers use a mus sign B. Journalize the closind entries on can 27 of the fouma(Note: Comolete the dusted esial balance, the corne statement, the statement of Instructions 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. Na not 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 billes. 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, adetonal 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 warding 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. Be sure to complete the statement heading. Fored assets must be entered in order according to account number. You will not need to enter colons() 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 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. Jourmalize the closing entries on page 27 of the joumat (Note: Completo me acustod tributance, the income statement, the statement or stockholders' equily, and the balance sheet BEFORE completing part 6. a.) bi Posttile okosing entries, inserting bulances in the accounts affecond. Leave tho ITEM column BLANK for each row except when entering an account balance in the first row in that case, enter the word Balance in the ITEM column in the first row. W the nocount balance is 200 (0) after closing entries are posted, enter a zaro (0) in the account's normal balance column 7. Prepare a post-closing trial balance