The unadjusted trial balance of Lakota Freight Co. at March 31, 2018, the end of the year, follows: Lakota Freight Co. UNADJUSTED TRIAL BALANCE March 31, 2018 ACCOUNT TITLE DEBIT CREDIT 1 Cash 12,000.00 2 Supplies 30,000.00 3 Prepaid Insurance 3,600.00 4 Equipment 110,000.00 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 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: 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. a. Download the spreadsheet in the Ledger panel and save the Excel file to your computer. Use the spreadsheet to post the adjusting and closing entries from the journal to a ledger of four-column accounts. Be sure to save your work in Excel. Your input into the spreadsheet will not be included in your grade in CengageNOW on this problem. b. For each account listed in the unadjusted trial balance, enter the balance in the appropriate Balance column of a four-column account and enter 'X' in the Post. Ref. column. Enter the word "Balance" in the ITEM column. 2. (Optional) On the Work Sheet tab of the downloaded spreadsheet, enter the unadjusted trial balance 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 transactions from the journal to a ledger of four-column accounts, inserting balances in the accounts affected. Add the appropriate posting reference to the journal. 4. Prepare an adjusted trial balance. 5. a. If you completed the end-of-period work sheet, use the adjusted trial balance figures to prepare an income statement for the year ended March 31, 2018. If you didn't complete the end-of-period work sheet, use the ledger (the Excel spreadsheet) to prepare an income statement for the year ended March 31, 2018. If a 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. If you completed the end-of-period work sheet, use the adjusted trial balance figures to prepare a retained earnings statement for the year ended March 31, 2018. If you didn't complete the end-of-period work sheet, use the ledger (the Excel spreadsheet) to prepare a retained earnings statement for the year ended March 31, 2018. Be sure to complete the statement heading. 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. c. If you completed the end-of-period work sheet, use the adjusted trial balance figures to prepare a balance sheet as of March 31, 2018. If you didn't complete the end-of-period work sheet, use the ledger (the Excel spreadsheet) to prepare a balance sheet as of March 31, 2018. 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 (:) 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 retained earnings statement, 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 after the beginning balance 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 (0), enter a zero (0) in the account's normal balance column. 7. Prepare a post-closing trial balance. 1 2 3 4 5 6 7 8 9 10 10 11 DATE DESCRIPTION Adjusting Entries JOURNAL POST. REF. DEBIT Score: 34/136 CREDIT PAGE 26 ACCOUNTING EQUATION ASSETS LIABILITIES EQUITY 1 2 3 4 4 1 5 6 7 8 9 10 11 12 13 DATE 14 15 16 46 DESCRIPTION Closing Entries JOURNAL Score: 0/200 POST. REF. DEBIT CREDIT ACCOUNTING EQUATION ASSETS LIABILITIES EQUITY 1 2 3 4 5 Lakota Freight Co. Retained Earnings Statement For the Year Ended March 31, 2018 $51,150.00 Score: 6/52 1 2 Current assets: 3 Cash Supplies 5 Prepaid insurance 9 7 (Label) 8 Equipment Assets 9 Accumulated depreciation-equipment 10 11 12 13 14 15 15 16 17 (Label) 18 Liabilities 19 20 20 21 22 23 24 25 Lakota Freight Co. Balance Sheet (Label) Stockholders' Equity $110,000.00 (33,350.00) Score: 57/175 $12,000.00 7,500.00 1,800.00 $21,300.00