The unadjusted trial balance of Lakota Freight Co$.$ at March $31,20$Y$4,$ the end of the year, follows:

Lakota Freight Co$.$

UNADJUSTED TRIAL BALANCE

March $31,20$Y$4$

ACCOUNT TITLE DEBIT CREDIT

$1$

Cash

$10,000\mathrm{.}00$

$2$

Supplies

$31,000\mathrm{.}00$

$3$

Prepaid Insurance

$4,800\mathrm{.}00$

$4$

Equipment

$110,000\mathrm{.}00$

$5$

Accumulated Depreciation$-$Equipment

$25,000\mathrm{.}00$

$6$

Trucks

$40,000\mathrm{.}00$

$7$

Accumulated Depreciation$-$Trucks

$15,000\mathrm{.}00$

$8$

Accounts Payable

$5,000\mathrm{.}00$

$9$

Common Stock

$26,000\mathrm{.}00$

$10$

Retained Earnings

$38,900\mathrm{.}00$

$11$

Dividends

$15,000\mathrm{.}00$

$12$

Service Revenue

$170,000\mathrm{.}00$

$13$

Wages Expense

$45,000\mathrm{.}00$

$14$

Rent Expense

$10,300\mathrm{.}00$

$15$

Truck Expense

$9,000\mathrm{.}00$

$16$

Miscellaneous Expense

$4,800\mathrm{.}00$

$17$

Totals

$279,900\mathrm{.}00$

$279,900\mathrm{.}00$

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 year are $$2,400.$

$($c$)$ Depreciation of equipment during year is $$8,550.$

$($d$)$ Depreciation of trucks during year is $$6,000.$

$($e$)$ Wages accrued but not paid at March $31$ are $$700.$

Required:

$1.$ 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 $31.$

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 $31,20$Y$4.$

b$.$ Prepare a statement of stockholders$$ equity for the year ended March $31,20$Y$4,$ additional common stock of $$8,000$ was issued.

c$.$ Prepare a balance sheet as of March $31,20$Y$4.$

$6.$

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.

$7.$ Prepare a post$-$closing trial balance.

$2.($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 $31.6.$ 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$.)$

General Journal Instructions

PAGE $26$PAGE $27$

JOURNALACCOUNTING EQUATION

DATE DESCRIPTION POST. REF. DEBIT CREDIT ASSETS LIABILITIES EQUITY

$1$

Adjusting Entries

$1.$ For each account listed in the trial balance, use $3/31$ as the date. $3.$ b$.$ Post the adjusting entries to the ledger, inserting balances in the accounts affected. $6.$ b$.$ Post the closing entries, inserting balances in the accounts affected.

General Ledger Instructions

LEDGER

$4.$ Prepare an adjusted trial balance.

Lakota Freight Co$.$

ADJUSTED TRIAL BALANCE

March $31,20$Y$4$

ACCOUNT TITLE DEBIT CREDIT

$1$

Cash

$2$

Supplies

$3$

Prepaid Insurance

$4$

Equipment

$5$

Accumulated Depreciation$-$Equipment

$6$

Trucks

$7$

Accumulated Depreciation$-$Trucks

$8$

Accounts Payable

$9$

Wages Payable

$10$

Common Stock

$11$

Retained Earnings

$12$

Dividends

$13$

Service Revenue

$14$

Wages Expense

$15$

Supplies Expense

$16$

Rent Expense

$17$

Truck Expense

$18$

Depreciation Expense$-$Equipment

$19$

Depreciation Expense$-$Trucks

$20$

Insurance Expense

$21$

Miscellaneous Expense

$22$

Totals

$5$a$.$ Prepare an income statement for the year ended March $31,20$Y$4.$

Income Statement Instructions

Lakota Freight Co$.$

Income Statement

$($Label$)$

$1$

$2$

$($Label$)$

$3$

$4$

$5$

$6$

$7$

$8$

$9$

$10$

$11$

$12$

$5$b$.$ Prepare a statement of stockholders$$ equity for the year ended March $31,20$Y$4,$ additional common stock of $$8,000$ was issued.

Statement of Stockholders$$ Equity Instructions

Lakota Freight Co$.$

Statement of Stockholders$$ Equity

$($Label$)$

$1$

Common Stock

Retained Earnings

Total

$2$

$3$

$4$

$5$

$6$

$5$c$.$ Prepare a balance sheet as of March $31,20$Y$4.$

Balance Sheet Instructions

Lakota Freight Co$.$

Balance Sheet

$($Label$)$

$1$

Assets

$2$

$($Label$)$

$3$

$4$

$5$

$6$

$7$

$($Label$)$

$8$

$9$

$10$

$11$

$12$

$13$

$14$

$15$

$16$

Liabilities

$17$

$($Label$)$

$18$

$19$

$20$

$21$

Stockholders$$ Equity

$22$

$23$

$24$

$25$

$7.$ Prepare a post$-$closing trial balance.

Lakota Freight Co$.$

POST$-$CLOSING TRIAL BALANCE

March $31,20$Y$4$

ACCOUNT TITLE DEBIT CREDIT

$1$

Cash

$2$

Supplies

$3$

Prepaid Insurance

$4$

Equipment

$5$

Accumulated Depreciation$-$Equipment

$6$

Trucks

$7$

Accumulated Depreciation$-$Trucks

$8$

Accounts Payable

$9$

Wages Payable

$10$

Common Stock

$11$

Retained Earnings

$12$

Totals