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

$3,600\mathrm{.}00$

$4$

Equipment

$100,000\mathrm{.}00$

$5$

Accumulated Depreciation$-$Equipment

$25,000\mathrm{.}00$

$6$

Trucks

$60,000\mathrm{.}00$

$7$

Accumulated Depreciation$-$Trucks

$15,000\mathrm{.}00$

$8$

Accounts Payable

$5,000\mathrm{.}00$

$9$

Common Stock

$32,000\mathrm{.}00$

$10$

Retained Earnings

$50,700\mathrm{.}00$

$11$

Dividends

$15,000\mathrm{.}00$

$12$

Service Revenue

$160,000\mathrm{.}00$

$13$

Wages Expense

$44,000\mathrm{.}00$

$14$

Rent Expense

$10,300\mathrm{.}00$

$15$

Truck Expense

$9,000\mathrm{.}00$

$16$

Miscellaneous Expense

$4,800\mathrm{.}00$

$17$

Totals

$287,700\mathrm{.}00$

$287,700\mathrm{.}00$

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 $$1,800.$

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

$($d$)$ Depreciation of trucks during year is $$6,200.$

$($e$)$ Wages 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 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.