The unadjusted trial balance of Lakota Freight Co. at March 31, 20Y7, the end of the year, follows:

Lakota Freight Co.

UNADJUSTED TRIAL BALANCE

March 31, 20Y7

	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	Kaya Tarango, Capital		96,000.00
10	Kaya Tarango, Drawing	15,000.00
11	Service Revenue		160,000.00
12	Wages Expense	45,000.00
13	Rent Expense	10,600.00
14	Truck Expense	9,000.00
15	Miscellaneous Expense	4,800.00
16	Totals	300,000.00	300,000.00

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 account titles.
3. B.	Add the appropriate posting reference to the journal.
6. A.	Journalize the closing entries on page 27 of the journal. Refer to the Chart of Accounts for account titles. (Note: Complete the adjusted trial balance, the income statement, the statement of owners equity, and the balance sheet BEFORE completing part 6. A.)
6. B.	Add the appropriate posting reference to the journal.
	Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered.

Note: Scroll down for page 27 of the journal.

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	Kaya Tarango, Capital
32	Kaya Tarango, Drawing
33	Income Summary

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

Labels
Current assets
Current liabilities
Expenses
For the Year Ended March 31, 20Y7
March 31, 20Y7
Property, plant, and equipment
Revenues
Amount Descriptions
Decrease in owners equity
Increase in owners equity
Kaya Tarango, capital, April 1, 20Y6
Kaya Tarango, capital, March 31, 20Y7
Net income
Net loss
Total assets
Total current assets
Total expenses
Total liabilities
Total liabilities and owners equity
Total property, plant, and equipment
Withdrawals

The data needed to determine year-end adjustments are as follows:

	Supplies on hand at March 31 are $7,500.
	Insurance premiums expired during the year are $1,800.
	Depreciation of equipment during the year is $8,350.
	Depreciation of trucks during the year is $6,200.
	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 Balance in the ITEM 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. Find a blank end-of-period work sheet in the Excel spreadsheet you previously downloaded.

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 the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered.
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.

If you completed the end-of-period work sheet, use the adjusted trial balance figures to prepare an income statement, a statement of owners equity, and a balance sheet. If you didnt complete the end-of-period work sheet, use the ledger (the Excel spreadsheet) to prepare an income statement, a statement of owners equity, and a balance sheet.*

6.

A.

Journalize the closing entries on page 27 of the journal. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered. (Note: Complete the adjusted trial balance, the income statement, the statement of owners equity, and the balance sheet BEFORE completing part 6. A.)

B.

Post the closing entries to the ledger of four-column accounts, inserting balances in the accounts affected. Add the appropriate posting reference to the journal.

7.

Prepare a post-closing trial balance.

I really need help with this journal ledger, please. I am so confused...

Journal 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 account titles. 3. B. Add the appropriate posting reference to the journal. 6. A. Journalize the closing entries on page 27 of the journal. Refer to the Chart of Accounts for account titles. (Note: Complete the adjusted trial balance, the income statement, the statement of owner's equity, and the balance sheet BEFORE completing part 6. A) 6. B. Add the appropriate posting reference to the journal. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered. Note: Scroll down for page 27 of the journal. PAGE 26 JOURNAL ACCOUNTING EQUATION DATE DESCRIPTION POST. REF. DEBIT CREDIT ASSETS LIABILITIES EQUITY 1 Adjusting Entries 2 3 Journal PAGE 27 JOURNAL ACCOUNTING EQUATION DATE DESCRIPTION POST. REF DEBIT CREDIT ASSETS LIABILITIES EQUITY 1 Closing Entries 2 3 4 5 6 7 8 9 10 11 12