he unadjusted trial balance of Lakota Freight Co. at March 31,2016, the end of the year, follows: Lakota Freight Co. UNADJUSTEDTRIAL BALANCE March 31, 2016 ACCOUNT TITLE DEBIT CREDIT 1 Cash12,000.00 2 Supplies 30,000.00 3 Prepaid Insurance 3,600.00 4Equipment 110,000.00 5 Accumulated Depreciation-Equipment 25,000.006 Trucks 60,000.00 7 Accumulated Depreciation-Trucks 15,000.00 8Accounts Payable 4,000.00 9 Kaya Tarango, Capital 96,000.00 10 KayaTarango, Drawing 15,000.00 11 Service Revenue 160,000.00 12 WagesExpense 45,000.00 13 Rent Expense 10,600.00 14 Truck Expense9,000.00 15 Miscellaneous Expense 4,800.00 16 Totals 300,000.00300,000.00 The data needed to determine year-end adjustments are asfollows: ⢠Supplies on hand at March 31 are $7,500. ⢠Insurancepremiums expired during year are $1,800. ⢠Depreciation ofequipment during year is $8,350. ⢠Depreciation of trucks duringyear is $6,200. ⢠Wages accrued but not paid at March 31 are $600.Required: 1. For each account listed in the trial balance, enterthe balance in the appropriate Balance column of a four-columnaccount and select the check mark in the Post. Ref. column. 2.(Optional) On your own paper or spreadsheet, enter the unadjustedtrial balance on an end-of-period work sheet and complete the worksheet. 3. a. Journalize the adjusting entries on Page 26 of thejournal. Adjusting entries are recorded on March 31. b. Post theadjusting entries to the ledger, inserting balances in the accountsaffected. 4. Prepare an adjusted trial balance. 5. Prepare anincome statement, a statement of ownerâs equity, and a balancesheet.* 6. a. Journalize the closing entries on page 27 of thejournal. b. Post the closing entries to the ledger, insertingbalances in the accounts affected. If the account balance is zero(0), enter a zero (0) in the account's normal balance column. If noentry is required in a cell, leave it blank. 7. Prepare apost-closing trial balance. * Be sure to read the instructions foreach financial statement carefully.
he unadjusted trial balance of Lakota Freight Co. at March 31,2016, the end of the year, follows: Lakota Freight Co. UNADJUSTEDTRIAL BALANCE March 31, 2016 ACCOUNT TITLE DEBIT CREDIT 1 Cash12,000.00 2 Supplies 30,000.00 3 Prepaid Insurance 3,600.00 4Equipment 110,000.00 5 Accumulated Depreciation-Equipment 25,000.006 Trucks 60,000.00 7 Accumulated Depreciation-Trucks 15,000.00 8Accounts Payable 4,000.00 9 Kaya Tarango, Capital 96,000.00 10 KayaTarango, Drawing 15,000.00 11 Service Revenue 160,000.00 12 WagesExpense 45,000.00 13 Rent Expense 10,600.00 14 Truck Expense9,000.00 15 Miscellaneous Expense 4,800.00 16 Totals 300,000.00300,000.00 The data needed to determine year-end adjustments are asfollows: ⢠Supplies on hand at March 31 are $7,500. ⢠Insurancepremiums expired during year are $1,800. ⢠Depreciation ofequipment during year is $8,350. ⢠Depreciation of trucks duringyear is $6,200. ⢠Wages accrued but not paid at March 31 are $600.Required: 1. For each account listed in the trial balance, enterthe balance in the appropriate Balance column of a four-columnaccount and select the check mark in the Post. Ref. column. 2.(Optional) On your own paper or spreadsheet, enter the unadjustedtrial balance on an end-of-period work sheet and complete the worksheet. 3. a. Journalize the adjusting entries on Page 26 of thejournal. Adjusting entries are recorded on March 31. b. Post theadjusting entries to the ledger, inserting balances in the accountsaffected. 4. Prepare an adjusted trial balance. 5. Prepare anincome statement, a statement of ownerâs equity, and a balancesheet.* 6. a. Journalize the closing entries on page 27 of thejournal. b. Post the closing entries to the ledger, insertingbalances in the accounts affected. If the account balance is zero(0), enter a zero (0) in the account's normal balance column. If noentry is required in a cell, leave it blank. 7. Prepare apost-closing trial balance. * Be sure to read the instructions foreach financial statement carefully.
