Only questions 3,4,5 under instructions PR 4-4A Ledger accounts, adjusting entries, financial statements,and closing entries; optional spreadsheetThe unadjusted trial balance of Lakota Freight Co, at March 31, 20Y4, the end of the year, follow5:50Obj. 2, 3Lakota Freight Co.Unadjusted Trial BalanceMarch 31, 20Y4AccountNo.DebitBalancesCreditBalancesCashSuppliesPrepaid Insurance.EquipmentAccumulated Depreciation-Equipment.1112,00030,00013143,60016110,000Trucks....1725,000Accumulated Depreciation-TrucksAccounts Payable.Common Stock.Retained Earnings1860,0001915,000214,00026,00031Dividends3270,000Service Revenue.Wages Expense.Rent Expense.Truck Expense.Miscellaneous Expense.3315,00041160,0005145,0005310,600549,000594,800300,000300,000The data needed to determine year-end adjustments are as follows:(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 $6,200.(e) Wages accrued but not paid at March 31 are $600.Instructions1. For each account listed in the trial balance, enter the balance in the appropriate Balance col-umn of a four-column account and place a check mark () in the Posting Reference column.an end-of-period spreadsheet2. (Optional) Enterand 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 theadjusting entries on Page 26 of the journal. The following additional accounts from Lakota FreightCo's chart of accounts should be used: Wages Payable, 22; Supplies Expense, 52; DepreciationExpense-Equipment, 55; Depreciation Expense-Trucks, 56; Insurance Expense, 57.4. Prepare an adjusted trial balance.5. Prepare an income statement, a statement of stockholders' equity, and a balance sheet. Duringthe year ended March 31, 20Y4, additional common stock of $6,000 was issued.the unadjusted trial balanceon6. Journalize and post the closing entries. Record the closing entries on Page 27 of the journal.Indicate closed accounts by inserting a line in both Balance columns opposite the closing entry.7. Prepare a post-closing trial balance.

Adjusting entries are entries that are recorded at the end of the accounting period to ensure the…

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 Lakota 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 statement of stockholders' equity, and a balance sheet. During the year ended March 31, 20Y4, additional common stock of $6,000 was issued. Page 27 of the jouurnal

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 Lakota 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 statement of stockholders' equity, and a balance sheet. During the year ended March 31, 20Y4, additional common stock of $6,000 was issued. Page 27 of the jouurnal

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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