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Chapter 4 Completing the Account Cole 5. Net income: PR 4-4A Ledger accounts, adjusting entries financial statements and closing entries; optional spreadsheet The unadjusted trial

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Chapter 4 Completing the Account Cole 5. Net income: PR 4-4A Ledger accounts, adjusting entries financial statements and closing entries; optional spreadsheet The unadjusted trial balance of Lakota Freight Goat March 31, 2018, the $51,150 Obj. 2,3 EE he end of the year, follows SENEGAL LEDSER Unada Freight Unadjusted Trial Balance March 31. 2018 Account Cash- Debit Balances 12.000 30,000 3,600 110,000 25,000 60,000 Supplies .. Prepaid Insurance... Equipment Accumulated Depreciation Equipment Trucks.. Accumulated Depreciation-Trucks Accounts Payable Common Stock ... Retained Earnings ...... Dividends..... Service Revenue.... Wages Expense....... Rent Expense............. Truck Expense......... Miscellaneous Expense... 15.000 4,000 26.000 70.000 15,000 160.000 45.000 10,600 9.000 4,800 The data needed to determine year-end adjustments are as follows: 300.000 300,000 (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 56,200. (E) Wages accrued but not paid at March 31 are $600 Instructions 1. For each account listed in the trial balance, enter the balance in the appropriate column of a four-column account and place a check mark in the Posting Rerere column 2. (Optional) Enter the unadjusted trial balance on an end-of-period spreadsheet and complete the spreadsheet. Add the accounts listed in part (3) as needed. 3. Journalize and post the adjusting entries, inserting balances in the accounts affected. Record the adjusting entries on Page 26 of the journal. The following additional accounts from la kota Freight Co.'s chart of accounts should be used: Wages Payable, 22; Supplies Expense, 52; Depreciation Expense-Equipment, 55; Depreciation Expense-Trucks, 56; Insurance Expense, 57. 4. Prepare an adjusted trial balance. 5. Prepare an income statement, a retained earnings statement, and a balance sheet. 6. Journalize and post the closing entries. Record the closing entries on Page 27 of the journal. (Income Summary is account #34 in the chart of accounts.) Indicate closed accounts by inserting a line in both Balance columns opposite the closing entry. 7. Prepare a post-closing trial balance

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