The unadjusted trial balance of Lakota Freight Co. at March 31, 2018, the end of the year, follows:
Lakota Freight Co.
UNADJUSTED TRIAL BALANCE
March 31, 2018
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 | Common Stock | 26,000.00 | |
10 | Retained Earnings | 70,000.00 | |
11 | Dividends | 15,000.00 | |
12 | Income Summary | ||
13 | Service Revenue | 160,000.00 | |
14 | Wages Expense | 45,000.00 | |
15 | Rent Expense | 10,600.00 | |
16 | Truck Expense | 9,000.00 | |
17 | Miscellaneous Expense | 4,800.00 | |
18 | Totals | 300,000.00 | 300,000.00 |
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 year are $1,800. |
C. | Depreciation 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 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. | ||||||
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4. | Prepare an adjusted trial balance. | ||||||
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7. | Prepare a post-closing trial balance.
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