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please asap i have only 25 minutes Instructions The unadjusted trial balance of Lakota Freight Co. at March 31, 2014, the end of the year,
please asap i have only 25 minutes
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 DEBIT CREDIT 1 Cash 12,000.00 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 7 Accumulated Depreciation-Trucks 15,000.00 8 Accounts Payable 4.000.00 Instructions Accumulatcubeeciaco much 12,000.00 8 Accounts Payable 4,000.00 9 Common Stock 26,000.00 10 Retained Earnings 70,000.00 11 Dividends 15,000.00 12 Service Revenue 160,000.00 13 Wages Expense 45,000.00 14 Rent Expense 10,600.00 15 Truck Expense 9,000.00 16 Miscellaneous Expense 4,800.00 17 Totals 300,000.00 300,000.00 The data needed to determine year-end adjustments are as follows: 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 $1,800. C. Depreciation of equipment during year is $8,350. D. Depreciation of trucks during year is $6,200. E. Wages accrued but not paid at March 31 are $600. Required: 1. For each account isted in the trial balance, enter the balance in the appropriate Balance column of a four column account and select the check mark (1) 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 lodger, inserting balances in the accounts affected 4. Prepare an adjusted trial balance. 4. Prepare an adjusted trial balance 5. a. Prepare an income statement for the year ended March 31, 2014. Ila 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, 2014 Be sure to complete the statement heading Refer to the lists of Labels and Amount Descriptions for exact wording or 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 56,000 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 (J or the word "Loss" 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. Journalize the closing entries on page 27 of the journal. (NoteComplete the adjusted trial balance, the income statement, the statement of stockholders' equity, and the balance sheet BEFORE completing part 6. a) b. Post the closing entries, inserting balances in the accounts affected. Leave the ITEM column BLANK for each row except when wwwwww b. Prepare a statement of stockholders' equity for the year ended March 31, 20Y4. 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. 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 () 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. 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.) b. Post the closing entries, inserting balances in the accounts affected. Leave the 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. If the account balance is zero (0) 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 Step by Step Solution
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