50.1K

Verified Solution

Link Copied!

Chapter Four Homework Instructions Ledger accounts, adjusting entries, financial statements, and closing entries Instructions 1 Cash The unadjusted trial balance of Lakota Freight Co. at March 31, 20Y4, the end of the year, follows: Trucks eBook Chart of Accounts Labels and Amount Descriptions Work Sheet 2 Supplies 3 Prepaid Insurance 4 Equipment 5 Accumulated Depreciation-Equipment 6 Check My Work ACCOUNT TITLE 7 Accumulated Depreciation-Trucks 8 Accounts Payable Lakota Freight Co. UNADJUSTED TRIAL BALANCE March 31, 20Y4 DEBIT 12,000.00 30,000.00 Print Item 3,600.00 110,000.00 60,000.00 CREDIT 25,000.00 15,000.00 4,000.00 E

Ledger accounts, adjusting entries, financial statements, and closing entries Instructions The unadjusted trial balance of Lakota Freight Co at March 31, 20Y4, the end of the year, follows: 1. For each account listed in the trial balance, use 3/31 as the date, 3. D. Past the aquusting entries to the fedger, inserting balances in the accounts affocted: 6 . the closing entries, inserting balances in the accounts affecled. Generai Ledoer instructions How does groding work? Account: Cash 3. a. Joumalze the adiusting entres on Page 26 of the journal. Adfusting entries are recorded on March 34 . 6. a. Joumalue the clasing enthes on page 27 of the (Note: Complote the adusted trial balance, the income statement, the stakement of stockhoders' equty, and the balance sheot BEFORE comploting part 6 . a) How doer szodidos mork? The data needed to determine year-end adjustments are as fobows: (a) Supplies on hand at March 31 are $7,500 (b) Insurance premiums expered during year are $1,800 (c) Depreciabion 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 Required: 1 For each account ksted in the trai balance, enter the balance in the approprate Baiance column of a fouricolumn account and seiect the creck. mark (V) in the Post Ref, column 2. (Optional) On your own paper or spreadsheet enter the unadfusted trial balance on an end-of-penod work sheet and camplete the work sheet 3. a Journakize the adusting entries on Page 26 or the jounal Adusting entres are recordud on March 31 b. Post the adjusting entries to the ledger, insenting balances in the accounts affected. 4. Prepare an odusted tral balance 5. a. Prepare an income statement for the year ended March 31,20Y4. b. Prepare a statement of stockhoiders' equity for the year ended March 31, 20Y4 addional common stock of 56,000 was issued Chapter Four Homework Print Item Check My Work (e) Wages accrued but not paid at March 31 are $600 Required: 1. For each account isted in the tral batance, enter the balance in the appropnate Batance column of a fout-column account and select the check mark (V) in the Past. Fet column. 2. COptionaj On your own paper or spreadsheet, enter the unadjusted trial balance on an end-of.penod work sheet and complete the work sheet. 3 a. Journalize the adusting entros on Page 26 of the journal. Aqusting entries are recorded on March 31. b. Past the adjusting entries to the ledger, inserting balances in the accounts affected 4. Prepare an adjustod trial balance 5. a. Prepare an income statement for the yoar ended March 3t, 20Y4. b. Prepare a statement of stocicholders' equaty for the year ended March 31, 20Y4, additanal comimon stock or \$6, 000 was issued c. Prepare a balance sheet as or March 31, 20Y4 6. Journaicze the clasing entries on page 27 of the joumal (Nofe Complete the adjusted tral batance, the income statement the statement of stockholders' equity, and the balance sheet BEFORE conpleting part 6 a) b. Post the clasing entries, inserting balances in the accounts affocted. 7. Prepare a post-closing tral bolance

Answer & Explanation Solved by verified expert

See Answer