The unadjusted trial balance of Lakota Freight Co. at March 31, 20Y4, the end of the yeat, follows: 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 $3,000. (c) Depreciation of equipment during year is $8,550. (d) Depreciation of trucks during year is $6,100. (0) 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-oolumn account and solect the check mark in the Post. Ref. column. 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 chock mark in the Post. Ref. column. 2. (Optiona) On your own paper or spreadsheet, enter the unadjusted trial balance on an end-of-period work sheet and complete the work shoet. 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 stockholders' equity for the year ended March 31, 20Y4, additional common stock of $6,000 was issued. 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 stockholders' 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. 1. For each account histed in the triat balance, use 3/31 as the date. 3. b. Post the adjusting entries to the ledger, inserting balances in the accounts affocted. 6. b. Post the closing entios, inserting balances in the acoounts affected. 4. Prepare an adjusted trial balance. 5. Accuritil 7 Accumulated Depreciation-Tnucks 1 Accounts Payable 9 Wages Payable 10 Common Stock 11 Rectained Earnings: 12. Dividends 13 Service Revenue 24 Wages Expense is Supplies Expense 16 Rent Expense 17 Truck Expense 31 Depreciation Expense-Equipment 11 Depreciation Expense-Trucks wo Insurance Expense 21 Miscellaneous Expense n Totals Lakota Freight Co. Income Statement (Label) 1 2 (Label) 3 4 5 6 7 1 9 10 11 12 5o. Prepare a statement of etockholdors' equity for the year ended March 31, 20Y4, additional common stock of 56 , 000 was issued. Sintemont of Stockholdens' Eouly lnsiructions Lakota Freight Co. Balance Sheot (Label) Assets 2. (abec) 3 1 3 3 7 (LabeG 1 1 11 1) 34 15 64 9 10 I1 12 13 14 15 16 Liabilities 17 (Label) 18 19 20 21 Stockholders' Equity n 25 24 25 7. Prepare a post-closing trial balance. The unadjusted trial balance of Lakota Freight Co. at March 31, 20Y4, the end of the yeat, follows: 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 $3,000. (c) Depreciation of equipment during year is $8,550. (d) Depreciation of trucks during year is $6,100. (0) 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-oolumn account and solect the check mark in the Post. Ref. column. 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 chock mark in the Post. Ref. column. 2. (Optiona) On your own paper or spreadsheet, enter the unadjusted trial balance on an end-of-period work sheet and complete the work shoet. 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 stockholders' equity for the year ended March 31, 20Y4, additional common stock of $6,000 was issued. 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 stockholders' 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. 1. For each account histed in the triat balance, use 3/31 as the date. 3. b. Post the adjusting entries to the ledger, inserting balances in the accounts affocted. 6. b. Post the closing entios, inserting balances in the acoounts affected. 4. Prepare an adjusted trial balance. 5. Accuritil 7 Accumulated Depreciation-Tnucks 1 Accounts Payable 9 Wages Payable 10 Common Stock 11 Rectained Earnings: 12. Dividends 13 Service Revenue 24 Wages Expense is Supplies Expense 16 Rent Expense 17 Truck Expense 31 Depreciation Expense-Equipment 11 Depreciation Expense-Trucks wo Insurance Expense 21 Miscellaneous Expense n Totals Lakota Freight Co. Income Statement (Label) 1 2 (Label) 3 4 5 6 7 1 9 10 11 12 5o. Prepare a statement of etockholdors' equity for the year ended March 31, 20Y4, additional common stock of 56 , 000 was issued. Sintemont of Stockholdens' Eouly lnsiructions Lakota Freight Co. Balance Sheot (Label) Assets 2. (abec) 3 1 3 3 7 (LabeG 1 1 11 1) 34 15 64 9 10 I1 12 13 14 15 16 Liabilities 17 (Label) 18 19 20 21 Stockholders' Equity n 25 24 25 7. Prepare a post-closing trial balance
