The unadjusted trial balance of Lakota Freight Co. at March 31, 20Y4, the end of the year, follows: Lakota Freight Co. UNADJUSTED TRIAL BALANCE March 31, 20Y4 ACCOUNT TITLE DEBIT CREDIT 1 Cash 10,000.00 2 Supplies 31,000.00 3 Prepaid Insurance 3,600.00 4 Equipment 100,000.00 5 Accumulated Depreciation-Equipment 25,000.00 6 Trucks 60,000.00 7 Accumulated Depreciation-Trucks 15,000.00 8 Accounts Payable 5,000.00 9 Common Stock 32,000.00 10 Retained Earnings 50,700.00 11 Dividends 15,000.00 12 Service Revenue 160,000.00 13 Wages Expense 44,000.00 14 Rent Expense 10,300.00 15 Truck Expense 9,000.00 16 Miscellaneous Expense 4,800.00 17 Totals 287,700.00 287,700.00 The data needed to determine year-end adjustments are as follows: (a) Supplies on hand at March 31 are $7,000. (b) Insurance premiums expired during year are $1,800. (c) Depreciation of equipment during year is $8,550. (d) Depreciation of trucks during year is $6,200. (e) Wages accrued but not paid at March 31 are $500. Required: 1. For each account listed in the trial balance, enter the balance in the appropriate Balance column of a four-column account and select the check mark in the Post. Ref. column.

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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The unadjusted trial balance of Lakota Freight Co. at March 31, 20Y4, the end of the year, follows:

Lakota Freight Co.

UNADJUSTED TRIAL BALANCE

March 31, 20Y4

	ACCOUNT TITLE	DEBIT	CREDIT
1	Cash	10,000.00
2	Supplies	31,000.00
3	Prepaid Insurance	3,600.00
4	Equipment	100,000.00
5	Accumulated Depreciation-Equipment		25,000.00
6	Trucks	60,000.00
7	Accumulated Depreciation-Trucks		15,000.00
8	Accounts Payable		5,000.00
9	Common Stock		32,000.00
10	Retained Earnings		50,700.00
11	Dividends	15,000.00
12	Service Revenue		160,000.00
13	Wages Expense	44,000.00
14	Rent Expense	10,300.00
15	Truck Expense	9,000.00
16	Miscellaneous Expense	4,800.00
17	Totals	287,700.00	287,700.00

The data needed to determine year-end adjustments are as follows:

(a)	Supplies on hand at March 31 are $7,000.
(b)	Insurance premiums expired during year are $1,800.
(c)	Depreciation of equipment during year is $8,550.
(d)	Depreciation of trucks during year is $6,200.
(e)	Wages accrued but not paid at March 31 are $500.

Required:

1.	For each account listed in the trial balance, enter the balance in the appropriate Balance column of a four-column account and select the check mark in the Post. Ref. column.

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