The unadjusted trial balance of Lakota Freight Co. at March 31, 2016, the end of the year, follows:

Lakota Freight Co.

UNADJUSTED TRIAL BALANCE

March 31, 2016

	ACCOUNT TITLE	DEBIT	CREDIT
1	Cash	12,000.00
2	Supplies	30,000.00
3	Prepaid Insurance	3,600.00
4	Equipment	110,000.00
5	Accumulated Depreciation-Equipment		25,000.00
6	Trucks	60,000.00
7	Accumulated Depreciation-Trucks		15,000.00
8	Accounts Payable		4,000.00
9	Kaya Tarango, Capital		96,000.00
10	Kaya Tarango, Drawing	15,000.00
11	Service Revenue		160,000.00
12	Wages Expense	45,000.00
13	Rent Expense	10,600.00
14	Truck Expense	9,000.00
15	Miscellaneous Expense	4,800.00
16	Totals	300,000.00	300,000.00

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

	Supplies on hand at March 31 are $7,500.
	Insurance premiums expired during year are $1,800.
	Depreciation of equipment during year is $8,350.
	Depreciation of trucks during year is $6,200.
	Wages accrued but not paid at March 31 are $600.

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.
2.	(Optional) On your own paper or spreadsheet, enter the unadjusted trial balance on an end-of-period work sheet and complete the work sheet.
3.	a. Journalize the adjusting entries on Page 26 of the journal. Adjusting entries are recorded on March 31. b. Post the adjusting entries to the ledger, inserting balances in the accounts affected.
4.	Prepare an adjusted trial balance.
5.	Prepare an income statement, a statement of owners equity, and a balance sheet.*
6.	a. Journalize the closing entries on page 27 of the journal. b. Post the closing entries to the ledger, inserting balances in the accounts affected. If the account balance is zero (0), enter a zero (0) in the account's normal balance column. If no entry is required in a cell, leave it blank.
7.	Prepare a post-closing trial balance. * Be sure to read the instructions for each financial statement carefully. CHART OF ACCOUNTS Lakota Freight Co. General Ledger ASSETS 11 Cash 13 Supplies 14 Prepaid Insurance 16 Equipment 17 Accumulated Depreciation-Equipment 18 Trucks 19 Accumulated Depreciation-Trucks LIABILITIES 21 Accounts Payable 22 Wages Payable EQUITY 31 Kaya Tarango, Capital 32 Kaya Tarango, Drawing 33 Income Summary REVENUE 41 Service Revenue EXPENSES 51 Wages Expense 52 Supplies expense 53 Rent Expense 54 Truck Expense 55 Depreciation Expense-Equipment 56 Depreciation Expense-Trucks 57 Insurance Expense 59 Miscellaneous Expense Labels Current assets Current liabilities Expenses For the Year Ended March 31, 2016 March 31, 2016 Property, plant, and equipment Revenues Amount Descriptions Add withdrawals Decrease in owners equity Increase in owners equity Kaya Tarango, capital, April 1, 2015 Kaya Tarango, capital, March 31, 2016 Less withdrawals Net income Net loss Total assets Total current assets Total expenses Total liabilities Total liabilities and owners equity Total property, plant, and equipment Journal 3. a. Journalize the adjusting entries on Page 26 of the journal. Adjusting entries are recorded on March 31. 6. a. Journalize the closing entries on page 27 of the journal. (Note: Complete the adjusted trial balance, the income statement, the statement of owners equity, and the balance sheet BEFORE completing part 6. a.) 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. 3. b. Post the adjusting entries, inserting balances in the accounts affected. 6. b. Post the closing entries, inserting balances in the accounts affected. Leave the ITEM column BLANK for each row except when entering an account balance in the first row. In that case, enter the word Balance in the ITEM column in the first row. If the account balance is zero (0) after closing entries are posted, enter a zero (0) in the account's normal balance column. Account: Supplies Account: prepaid insurance Account: Equipment Account: Accumulated Depreciation-Equipment Account: Trucks Account: Accumulated Depreciation-Trucks Account: Accounts Payable Account: Wages Payable Account: Kaya Tarango, Capital Account: Kaya Tanago, Drawing Account: Income Summary Account: Service Revenue Account: Wages Expense Account: Supplies expense Account: rent Expense Account: Truck Expense Account: Depreciation Expense-Equipment Account: Depreciation Expense-Trucks Account: Insurance Expence Account: Miscellaneous Expense 4. Prepare an adjusted trial balance. 5. Prepare an income statement for the year ended March 31, 2016. If a net loss has been incurred, enter that amount as a negative number using a minus sign. Be sure to complete the statement heading. Use the list of Labels and Amount Descriptions for the correct wording of text items other than account names. You will not need to enter colons (:) on the income statement.

5. Prepare a statement of owners equity for the year ended March 31, 2016. Be sure to complete the statement heading. No additional investments were made during the year. If a net loss has been incurred or there has been a decrease in owners equity, enter that amount as a negative number using a minus sign. Use the list of Labels and Amount Descriptions for the correct wording of text items.

5. Prepare a balance sheet as of March 31, 2016. Be sure to complete the statement heading. Fixed assets must be entered in order according to account number. Use the list of Labels and Amount Descriptions for the correct wording of text items other than account names. You will not need to enter colons (:) or the word "Less" on the balance sheet; they will automatically insert where necessary.

7. Prepare a post-closing trial balance.