The unadjusted trial balance of Lakota Freight Co. at March 31, 2019, the end of the year, follows: Lakota Freight Co. Unadjusted Trial Balance March 31, 2019 Account No. Debit Balances Credit Balances Cash 11 12,000 Supplies Prepaid Insurance. 13 30,000 14 3,600 Equipment.... Accumulated Depreciation-Equipment. 16 110,000 17 25,000 Trucks.. 18 60,000 Accumulated Depreciation-Trucks. Accounts Payable... 19 15,000 21 4,000 Kaya Tarango, Capital 31 96,000 Kaya Tarango, Drawing. 32 15,000 Service Revenue 41 160,000 Wages Expense. Rent Expense. Truck Expense . Miscellaneous Expense.. 51 45,000 53 10,600 9,000 54 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 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 Bal- ance 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 ac- counts 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.

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
icon
Related questions
Question
The unadjusted trial balance of Lakota Freight Co. at March 31, 2019, the end of the
year, follows:
Lakota Freight Co.
Unadjusted Trial Balance
March 31, 2019
Account
No.
Debit
Balances
Credit
Balances
Cash
11
12,000
Supplies
Prepaid Insurance.
13
30,000
14
3,600
Equipment....
Accumulated Depreciation-Equipment.
16
110,000
17
25,000
Trucks..
18
60,000
Accumulated Depreciation-Trucks.
Accounts Payable...
19
15,000
21
4,000
Kaya Tarango, Capital
31
96,000
Kaya Tarango, Drawing.
32
15,000
Service Revenue
41
160,000
Wages Expense.
Rent Expense.
Truck Expense .
Miscellaneous Expense..
51
45,000
53
10,600
9,000
54
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 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.
Transcribed Image Text:The unadjusted trial balance of Lakota Freight Co. at March 31, 2019, the end of the year, follows: Lakota Freight Co. Unadjusted Trial Balance March 31, 2019 Account No. Debit Balances Credit Balances Cash 11 12,000 Supplies Prepaid Insurance. 13 30,000 14 3,600 Equipment.... Accumulated Depreciation-Equipment. 16 110,000 17 25,000 Trucks.. 18 60,000 Accumulated Depreciation-Trucks. Accounts Payable... 19 15,000 21 4,000 Kaya Tarango, Capital 31 96,000 Kaya Tarango, Drawing. 32 15,000 Service Revenue 41 160,000 Wages Expense. Rent Expense. Truck Expense . Miscellaneous Expense.. 51 45,000 53 10,600 9,000 54 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 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 Bal-
ance 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 ac-
counts 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.
Transcribed Image Text:Instructions 1. For each account listed in the trial balance, enter the balance in the appropriate Bal- ance 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 ac- counts 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.
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 10 steps with 12 images

Blurred answer
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education