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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.

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.

FINANCIAL ACCOUNTING
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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Only questions 3,4,5 under instructions.
r4 The Accounting Cycle Obj. 2, 3 PR 4-4A Ledger accounts, adjusting entries, financial statements, and closing entries; optional spreadsheet The unadjusted trial balance of Lakota Freight Co. at March 31, 20Y4, the end of the year, follows: ne: 50 Lakota Freight Co. Unadjusted Trial Balance March 31, 20Y4 Account No. Debit Balances Credit Balances 12,000 30,000 Cash.... Supplies... Prepaid Insurance. Equipment. Accumulated Depreciation-Equipment.. Trucks..... Accumulated Depreciation-Trucks Accounts Payable.. Common Stock Retained Earnings 11 13 3,600 110,000 14 16 17 25,000 18 60,000 15,000 4,000 19 21 26,000 70,000 31 32 Dividends 33 15,000 Service Revenue. 160,000 41 Wages Expense Rent Expense. 51 g 45,000 53 OS 10,600 54 Truck Expense. Miscellaneous Expense. 9,000 59 4,800 300,000 300,000 The 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. Instructions 1. 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. 2. (Optional) Enter and complete the spreadsheet. Add the accounts listed in part (3) as needed. the unadjusted trial balance an end-of-period spreadsheet on 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. 6. 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.
Transcribed Image Text:r4 The Accounting Cycle Obj. 2, 3 PR 4-4A Ledger accounts, adjusting entries, financial statements, and closing entries; optional spreadsheet The unadjusted trial balance of Lakota Freight Co. at March 31, 20Y4, the end of the year, follows: ne: 50 Lakota Freight Co. Unadjusted Trial Balance March 31, 20Y4 Account No. Debit Balances Credit Balances 12,000 30,000 Cash.... Supplies... Prepaid Insurance. Equipment. Accumulated Depreciation-Equipment.. Trucks..... Accumulated Depreciation-Trucks Accounts Payable.. Common Stock Retained Earnings 11 13 3,600 110,000 14 16 17 25,000 18 60,000 15,000 4,000 19 21 26,000 70,000 31 32 Dividends 33 15,000 Service Revenue. 160,000 41 Wages Expense Rent Expense. 51 g 45,000 53 OS 10,600 54 Truck Expense. Miscellaneous Expense. 9,000 59 4,800 300,000 300,000 The 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. Instructions 1. 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. 2. (Optional) Enter and complete the spreadsheet. Add the accounts listed in part (3) as needed. the unadjusted trial balance an end-of-period spreadsheet on 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. 6. 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.
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