The unadjusted trial balance of Lakota Freight Co. at March 31, 2084, the end of the year, follows: Lakota Freight Co. UNADJUSTED TRIAL BALANCE March 31, 2014 ACCOUNT TITLE DEBIT CREDIT Cash 10,000.00 Supplies 32.000.00 4.800.00 Prepaid Insurance Equipment 100,000.00 Accumulated Depreciation-Equipment 25,000.00 Trucks 50.000000 Accumulated Depreciation Trucks 15,000.00 Accounts Payable 5,000.00 Instructions Common Stock 27,000.00 Retained Earnings 20,100.00 Dividends 15,000.00 190,000.00 Service Revenue Wages Expense Rent Expense 46,000.00 10,500.00 15 Truck Expense 9,000.00 16 Miscellaneous Expense 4,800.00 Totals 282.100.00 282,100.00 The data needed to determine year-end adjustments are as follows: A. Supplies on hand at March 31 are $7,000 B. Insurance premiums expired during year are $2.400 C. Depreciation of equipment during year is 58.358 tructions D. Depreciation of trucks during year is $6,100. E. Wages accrued but not paid at March 31 are $500. 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. Refer to the Chart of Accounts for exact wording of account titles 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, 2014. 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. Prepare a statement of stockholders' equity for the year ended March 31, 20Y4additional common stock of $8,000 was issued. 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 nstructions using a minus sign. Be sure to complete the statement heading. You will not need to enter calons () 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 . Prepare a statement of stockholders'equity for the year ended March 31, 2014, additional common stock of $8,000 was issued. 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 c. Prepare a balance sheet as of March 31, 2014. 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 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.) 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 actount balance is zero (O) after closing entries are posted enter a zero (O) in the account's normal balance column 7. Prepare a post-closing trial balance 1. For each account sted in the trial balance, se 31 as the dute, enter the word "Bacelect the check mark in the Past Recolumn, and then enter the balance in the appropriate Balance column of a four.com account for the adjusting en othe r ing b innen de Potthong co t he ITEM BLANK reach when entering an account balance in the first row the account balance is 200 rong entre posted enter the accounts normal lace cum LEDGER Account and an edusting entries to the ledger, inserting balances in the accounts affected 6.b. Post the closing entries, inserting balances in the accounts en entering an account balance in the first row. If the account balance is zero (0) after closing entries are posted, enter a zero (O) in the account's normal balance LEDGER Account: Cash Account No. 11 Account: Supplies Account No. 13 LALANCE DATE POST. REF. CREDIT Account No. 14 Account: Prepaid Insurance Account No. 16 Account No. 17 Account: Equipment Account: Accumulated Depreciation Equipment Account Trucks Account: Accumulated Depreciation Trucks Account No. 18 Lccount No. 19 Journal the longe o n poe 27 2a Jornace the acting entries on Page 25 of the journal Adjusting entries are recorded on March 3 Refer to the Chart of Accounts for exact wording of accounts & the journal of Complete the adjusted trial balance, the income statement the statement of stockholders' equity and the balance sheet BEFORE completing part 6) JOURNAL ACCOUNTING FUNCTION Musting tries ke up Chp 4 Hmwi eBook Spreadsheet Calculator Print Item ulator Print Item Journal PAGE 26 PAGE 27 ACCOUNTING EQUATION JOURNAL DESCRIPTION ASSETS LATES EQUITY Adjusting Entries JOURNAL ACCOUNTING EQUATION POSTRES ASSETS LIABILITIES EQUITY Closing Entries Instructions Chart of Accounts Labels and Amount Descriptions Adjusted Trial Balance 4. Prepare an adjusted trial balance. Lakota Freight Co. ADJUSTED TRIAL BALANCE March 31, 2014 ACCOUNT TITLE CREDIT 1 Cash 2. Supplies 5 Prepaid Insurance Equipment 5 Accumulated Depreciation Equipment 6 Trucks Accumulated Depreciation-Trucks Accounts Payable Adjusted Trial Balance 9 Wages Payable 10 Common Stock 11 Retained Earnings 12 Dividends 13 Service Revenue 14 Wages Expense 15 Supplies Expense 16 Rent Expense 17 Truck Expense 18 Depreciation Expense-Equipment 19 Depreciation Expense-Trucks 20 Insurance Expense 21 Miscellaneous Expense 22 Totals ncome Statement Income Statement (Label) 2 (Label)