The data needed to determine year-end adjustments are as follows:

1. Supplies on hand at March 31 are $7,500.
2. Insurance premiums expired during year are $1,800.
3. Depreciation of equipment during year is $8,350.
4. Depreciation of trucks during year is $6,200.
5. Wages accrued but not paid at March 31 are $600.

Instructions

1. For each account listed in the trial balance, enter the balance in the appropriate Balance column of a four column account.
2. Journalize and post the adjusting entries, inserting balances in the accounts affected. Record the adjusting entries on Page 26 of the journal. The following additional accounts from J. Giger Freight Co.s chart of accounts should be used: Wages Payable, 22; Supplies Expense, 52; Depreciation ExpenseEquipment, 55; Depreciation ExpenseTrucks, 56; Insurance Expense, 57.
3. Prepare an adjusted trial balance.
4. Prepare an income statement, a retained earnings statement, and a balance sheet.
5. Journalize and post the closing entries. Record the closing entries on Page 27 of the journal. (Income Summary is account #34 in the chart of accounts.) Indicate closed accounts by inserting a line in both Balance columns opposite the closing entry.
6. Prepare a post-closing trial balance.

The unadjusted trial balance of J. Giger Freight Co. at March 31, 2020, the end of the year, follows: Credit Balances 25,000 J. Giger Freight Co. Unadjusted Trial Balance As of March 31, 2020 Account Name (Acct. #) Debit Balances Cash 11 22,000 Supplies 13 30,000 Prepaid Insurance 14 3,600 Equipment 16 120,000 Accumulated Depreciation - Equipment 17 Trucks 18 50,000 Accumulated Depreciation - Trucks 19 Accounts Payable 21 Common Stock 31 Retained Earnings 32 Dividends 33 15,000 Service Revenue 41 Wages Expense 51 45,000 Rent Expense 53 10,600 Truck Expense 54 9,000 Miscellaneous Expense 59 4,800 310,000.00 15,000 4,000 26,000 80,000 160,000 310,000.00