The unadjusted trial balance of Lakota Freight Co. at March 31, 2016, the end of the year, follows:

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

	Supplies on hand at March 31 are $7,500.
	Insurance premiums expired during year are $1,800.
	Depreciation of equipment during year is $8,350.
	Depreciation of trucks during year is $6,200.
	Wages accrued but not paid at March 31 are $600.

3.

Journalize the adjusting entries on Page 26 of the journal. Adjusting entries are recorded on March 31.

6.

Journalize the closing entries on page 27 of the journal. (Note: Complete the adjusted trial balance, the income statement, the statement of owners equity, and the balance sheet BEFORE completing part 6. a.) 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. Post the adjusting entries, inserting balances in the accounts affected. 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. 5. Prepare an income statement for the year ended March 31, 2016. 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. Use the list of Labels and Amount Descriptions for the correct wording of text items other than account names. You will not need to enter colons (:) on the income statement. 5. Prepare a statement of owners equity for the year ended March 31, 2016. Be sure to complete the statement heading. No additional investments were made during the year. If a net loss has been incurred or there has been a decrease in owners equity, enter that amount as a negative number using a minus sign. Use the list of Labels and Amount Descriptions for the correct wording of text items. 5. Prepare a balance sheet as of March 31, 2016. Be sure to complete the statement heading. Fixed assets must be entered in order according to account number. Use the list of Labels and Amount Descriptions for the correct wording of text items other than account names. You will not need to enter colons (:) or the word "Less" on the balance sheet; they will automatically insert where necessary. 7. Prepare a post-closing trial balance.