The unadjusted trial balance of Lakota Freight Co. at March 31, 20Y4, the end of the year, follows: General Journal 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. 7. Prepare a post-closing trial balance. Chart of Accounts 5c. Prepare a balance sheet as of March 31, 20 Y4. 5a. Prepare an income statement for the year ended March 31, 20 Y4. Income Statement Instructions Labels and Amount Descriptions Labels Current assets Current liabilities Expenses For the Year Ended March 31, 20Y4 March 31, 20 Y 4 Property, plant, and equipment Revenues Amount Descriptions Additional investment by owner Book value-equipment Book value-trucks Dakota Sahalie, capital, April 1, 20Y3 Dakota Sahalie, capital, March 31, 20Y4 Net income Net loss Net income Net loss Total assets Total current assets Total expenses Total liabilities Total liabilities and owner's equity Total property, plant, and equipment Withdrawals Labels and Amount Descriptions Revenues Amount Descriptions Additional investment by owner Book value-equipment Book value-trucks Dakota Sahalie, capital, April 1, 20 Y3 Dakota Sahalie, capital, March 31, 20 Y4 Net income Net loss Total assets Total current assets Total expenses Total liabilities Total liabilities and owner's equity Total property, plant, and equipment Withdrawals (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. 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 Y4. b. Prepare a statement of owner's equity for the year ended March 31,20Y4, Dakota Sahalie invested an additional $6,000 in the business. 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 owner's 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. 4. Prepare an adjusted trial balance. Statement of Owner's Equity 5b. Prepare a statement of owner's equity for the year ended March 31,20Y4, Dakota Sahalie invested an additional $6,000 in the bu Statement of Owner's Equity Instructions EQUITY 31 Dakota Sahalie, Capital 32 Dakota Sahalie, Drawing 1. For each account listed in the trial balance, use 3/31 as the date. 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. GeneralLedgerInstructions