Lakota Freight Co. Unadjusted Trial Balance March 31, 2019 Account No. Debit Balances Credit Balances Cash.. 11 12,000 Supplies 13 30,000 Prepaid Insurance.. 14 3,600 ......... Equipment... Accumulated Depreciation-Equipment. Trucks... 16 110,000 17 25,000 18 60,000 Accumulated Depreciation-Trucks Accounts Payable.. Kaya Tarango, Capital Kaya Tarango, Drawing. 15,000 4,000 19 21 31 96,000 32 15,000 Service Revenue.. 41 160,000 Wages Expense.. Rent Expense.. Truck Expense. 51 45,000 53 10,600 54 9,000 .............. Miscellaneous Expense. 59 4,800 ............. 300,000 300,000

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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Question

The unadjusted trial balance of Lakota Freight Co. at March 31, 2019, the end of the year, follows:

REFER IMAGE 

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 the year are $1,800.
c. Depreciation of equipment during the year is $8,350.
d. Depreciation of trucks during the 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 column of a four-column account and place a check mark (✓) in the Posting Reference 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 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 owner’s equity (no additional investments were made during the year), and a balance sheet.
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

 

Lakota Freight Co.
Unadjusted Trial Balance
March 31, 2019
Account
No.
Debit
Balances
Credit
Balances
Cash..
11
12,000
Supplies
13
30,000
Prepaid Insurance..
14
3,600
.........
Equipment...
Accumulated Depreciation-Equipment.
Trucks...
16
110,000
17
25,000
18
60,000
Accumulated Depreciation-Trucks
Accounts Payable..
Kaya Tarango, Capital
Kaya Tarango, Drawing.
15,000
4,000
19
21
31
96,000
32
15,000
Service Revenue..
41
160,000
Wages Expense..
Rent Expense..
Truck Expense.
51
45,000
53
10,600
54
9,000
..............
Miscellaneous Expense.
59
4,800
.............
300,000
300,000
Transcribed Image Text:Lakota Freight Co. Unadjusted Trial Balance March 31, 2019 Account No. Debit Balances Credit Balances Cash.. 11 12,000 Supplies 13 30,000 Prepaid Insurance.. 14 3,600 ......... Equipment... Accumulated Depreciation-Equipment. Trucks... 16 110,000 17 25,000 18 60,000 Accumulated Depreciation-Trucks Accounts Payable.. Kaya Tarango, Capital Kaya Tarango, Drawing. 15,000 4,000 19 21 31 96,000 32 15,000 Service Revenue.. 41 160,000 Wages Expense.. Rent Expense.. Truck Expense. 51 45,000 53 10,600 54 9,000 .............. Miscellaneous Expense. 59 4,800 ............. 300,000 300,000
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