4. Prepare an adjusleu 5. Prepare an income statement, a statement of owners equ

Question

4. Prepare an adjusleu 5. Prepare an income statement, a statement of owners equl 6. Journalize and post the closing entries. Identify the closing entries as "Clos 7. Prepare a post-closing trial balance were made during the year), and a balance sheet. PR 4-4A Ledger accounts, adjusting entries, financial statements, and closing entries; optional spreadsheet The unadjusted trial balance of Lakota Freight co. at March 31, 2019, the end of th year, follows: Lakota Freight Co. Unadjusted Trial Balance March 31, 2019 Account Debit Credit No. Balances 12,000 30,000 3,600 Cash Supplies Prepaid Insurance.... Equipment Accumulated Depreciation-Equipment. 13 16 110,000 17 18 19 21 31 32 25,000 60,000 Accumulated Depreciation-Trucks... Accounts Payable Kaya Tarango, Capital .. Kaya Tarango, Drawing 15,000 4,000 96,000 15,000 160,000 Wages Expense.·.. Rent Expense Truck Expense 51 53 54 59 45,000 10,600 9,000 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.

Explanation / Answer

3.

1& 2.

4.

5.

6.

7.

Lakota Freight Copmany Adjusting Journal Entries for the year ended March 31, 2019 Event Account Title Debit Credit a Supplies Expense 22500 Supplies 22500 (Supples consumed ) b Insurance Expense 1800 Prepaid Insurance 1800 (Insurance expired during the year) c Depreciation Expense 8350 Acumulated Depreciation - Equipment 8350 (Depreciation on equipment) d Depreciation Expense 6200 Acumulated Depreciation - Trucks 6200 (Depreciation on trucks) e Wages Expense 600 Wages Payable 600 (Wages accured and not paid)

Related Questions

Navigate

• Browse (All)
• Browse 4
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.