The unadjusted trial balance of Lakota Freight Co. at March 31, 20Y4, the end of the year, follows:

Lakota Freight Co.

UNADJUSTED TRIAL BALANCE

March 31, 20Y4

	ACCOUNT TITLE	DEBIT	CREDIT
1	Cash	11,000.00
2	Supplies	31,000.00
3	Prepaid Insurance	6,000.00
4	Equipment	100,000.00
5	Accumulated Depreciation-Equipment		25,000.00
6	Trucks	40,000.00
7	Accumulated Depreciation-Trucks		15,000.00
8	Accounts Payable		5,000.00
9	Common Stock		28,000.00
10	Retained Earnings		18,000.00
11	Dividends	15,000.00
12	Service Revenue		180,000.00
13	Wages Expense	44,000.00
14	Rent Expense	10,200.00
15	Truck Expense	9,000.00
16	Miscellaneous Expense	4,800.00
17	Totals	271,000.00	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 year are $3,000.
(c)	Depreciation of equipment during year is $8,550.
(d)	Depreciation of trucks during year is $6,100.
(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, 20Y4.
b.	Prepare a statement of stockholders equity for the year ended March 31, 20Y4, additional common stock of $6,000 was issued.
c.	Prepare a balance sheet as of March 31, 20Y4.

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.

Chart of Accounts

CHART OF ACCOUNTS

Lakota Freight Co.

General Ledger

	ASSETS
11	Cash
13	Supplies
14	Prepaid Insurance
16	Equipment
17	Accumulated Depreciation-Equipment
18	Trucks
19	Accumulated Depreciation-Trucks

	LIABILITIES
21	Accounts Payable
22	Wages Payable

	EQUITY
31	Common Stock
32	Retained Earnings
33	Dividends

	REVENUE
41	Service Revenue

	EXPENSES
51	Wages Expense
52	Supplies Expense
53	Rent Expense
54	Truck Expense
55	Depreciation Expense-Equipment
56	Depreciation Expense-Trucks
57	Insurance Expense
59	Miscellaneous Expense