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	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.

CHART OF ACCOUNTSLakota 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

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. 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.)

1. For each account listed in the trial balance, use 3/31 as the date, enter the word Balance, select the check mark () in the Post. Ref. column, and then enter the balance in the appropriate Balance column of a four-column account. 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. Leave the ITEM column BLANK for each row except when entering an account balance in the first row. In that case, enter the word Balance in the ITEM column in the first row. If the account balance is zero (0) after closing entries are posted, enter a zero (0) in the account's normal balance column.

4. Prepare an adjusted trial balance.

5a. Prepare an income statement for the year ended March 31, 20Y4. 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. If a net loss has been incurred, enter that amount as a negative number using a minus sign.

5b. Prepare a statement of stockholders equity for the year ended March 31, 20Y4. Be sure to complete the statement heading. 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.

5c. Prepare a balance sheet as of March 31, 20Y4, additional common stock of $6,000 was issued. 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 (:) or the word "Less" 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.

7. Prepare a post-closing trial balance.