Question

Uuscriptions Work Sheet Journal Ledger Adjusted Instructions The unadjusted trial balance of Lakota Freight Co. at March 31, 2014, the end of the year, follows: Lakota Freight Co. UNADJUSTED TRIAL BALANCE March 31, 2014 ACCOUNT TITLE CREDIT DEBIT 11,000.00 31,000.00 4,800.00 100,000.00 25,000.00 60,000.00 3 Supplies 3 Prepaid Insurance Equipment Accumulated Depreciation-Equipment 6 Trucks Accumulated Depreciation Trucks Accounts Payable Common Stock 10 Retained Earnings 11 Dividends 15,000.00 6,000.00 29,000.00 45,200.00 15.000.00 170,000.00 12 Service Revenue 4,200.00 15 Wages Expense

Answer 1

A Adjusting Journal Entries Account Titles 1 Debit (S) Credit (S) 2 Date Supplies Expense Supplies (To record supplies expense) Insurance Expense $7,500 а. $7,500 5 $2,400 6 Prepaid Insurance (To record the insurance expense) Depreciation Expense Equipment $2,400 7 $8,550 с. Accumulated Depreciation Equipment $8,550 10 (To record the depreciation expense) Depreciation Expense Truck 11 d. $6,100 12 Accumulated Depreciation Truck $6,100 13 (To record the depreciation expense) Wages Expense 14. $600 15 е. Wages Payable (To record the wages expense $600 16 17 18 CO

G H К M P Q Unadjustment Adjusted Post Closing Balance 1 Income Trial Balance Adjustments Trial Balance Trial Balance Sheet 2 Statement Debit (S) Credit (S) Debit (S) Credit (S) Debit ($) Credit ($) Debit (S) Credit ($) Debit (S) Credit ($) Debit (S) Credit (S) Account Titles 3 Cash $11.000 $11.000 $11,000 $11,000 4 5 Supplies $23.500 $31.000 $7,500 $23.500 $23.500 $4,800 $100,000 $2,400 $100.000 6 Prepaid Insurance 7 Equipment 8 Accumulated Depreciation Equipment $2,400 $2,400 $100.000 $2,400 $100,000 $25,000 $8,550 $33,550 $33,550 $33,550 $60.000 $60,000 Trucks $60,000 $60,000 9 10 Accumulated Depreciation Trucks 11 Accounts Payable 12 Wages Payable 13 Common Stock $6,100 $21,100 $6,000 $21,100 $15,000 $21,100 $6,000 $6,000 $6,000 $600 $600 $600 $600 $29,000 $29,000 $29,000 $106,650 $29,000 $45,200 14 Retained Earnings $45,200 $45,200 $15,000 15 Dividends $15,000 $15,000 16 Service Revenue $170,000 $170,000 $170,000 17 Wages Expense 18 Rent Expense 19 Truck Expense 20 Miscellaneous Expense 21 Supplies Expense $44,600 $44.000 $600 $44,600 $10,600 $10,600 $10,600 $9,000 $9,000 $9,000 $4,800 $4,800 $4,800 $7,500 $7,500 $7,500 $2,400 $2,400 22 Insurance Expense $2,400 23 Depreciation Expenes Equipment 24 Depreciation Expenes Truck $8,550 $8.550 $8,550 $6,100 $6,100 $6,100 25 Net Income $76,450 $76,450 $290,200 $290,200 $25,150 $25,150 $305,450 $305,450 $196,900 $196,900 $170,000 $170,000 $211,900 $211900 26 Total

U W X Closing Journal Entries 1 Debit (S) Credit ($) 2 Date Account Title Fees Earned $170,000 1 Income Summary $170,000 (To close Revenue) Income Summary 5 $93,550 2 6 Wages Expense Rent Expense Truck Expense Miscellaneous Expense $44,600 7 $10,600 8 $9,000 $4,800 10 Supplies Expense Insurance Expense Depreciation Expenes Equipment Depreciation Expenes Truck $7,500 $2,400 11 12 $8,550 13 $6,100 14 (To close Expense) Income Summary 15 $76,450 16 3 Retained Earnings (To close the net income) Retained Earnings $76,450 17 18 $15,000 4 19 Dividends $15,000 20 (To record the Dividends transfer) 21 st CO

AE AF AG Income Statement 2 3 Service Revenue $170,000 4 Less: Expenses 5 Wages Expense $44,600 6 Rent Expense $10,600 7 Truck Expense 8 Miscellaneous Expense 9 Supplies Expense 10 Insurance Expense 11 Depreciation Expenes Equipment 12 Depreciation Expenes Truck 13 Total Expenses $9,000 $4,800 $7,500 $2,400 $8,550 $6,100 $93,550 14 Net Income $76,450 15 Statement of Retained Earnings 16 17 Retained Earnings, Beginning $45,200 18 Add: Net Income $76,450 $121,650 $15,000 19 20 Less: Dividends Retained Earnings, Ending $106,650 22

AI AJ AK 1 Balance Sheet Assets 4 Current Assets 5 Cash $11,000 6 Supplies 7 Prepaid Insurance $23,500 $2,400 8 Property, Plamt and Equipment Equipment Less: Accumulated Depreciation - Equipment 9 $100,000 10 $33,550 $66,450 11 12 Truck $60,000 13 Less: Accumulated Depreciation Truck $21,100 $38,900 14 15 16 Total Assets $142,250 17 Liabilities and Stockholder's Equity 18 19 Current Liabilities 20 Accounts Payable 21 Wages Payablee $6,000 $600 22 23 Stockholder's Equity $29,000 24 Common Stock 25 26 Total Liabilities and Stockholder's Equity $35,600 7

м Adjusted Post Closing Unadjustment Trial Balance 1 Adjustments Trial Balance Trial Balance 2 Credit (S) Account Titles Debit (S) 11000 Credit (S) Debit (S) Credit (S Debit (S) H4 + J4- K4 -H5 +J5- K5 - H6 + J6- K6 - H7 + J7 - K7 Debit (S) L4 =L5 L6 =L7 Credit (S) 3 4 Cash 5 Supplies 6 Prepaid Insurance 31000 7500 2400 4800 7 Equipment 8 Accumulated Depreciation Equipment 100000 25000 = I8+ K8 - J8 -M8 8550 =L9 = H9+J9- K9 60000 9 Trucks 10 Accumulated Depreciation Trucks = 1 10- K10- J10 = I 1 1 + K11 - J 1 1 - I 12+K12 - J 12 - I 13+K13 - J 13 - I 14+ K14 - J 14 -M10 - M11 -M12 -M13 15000 6100 6000 11 Accounts Payable 12 Wages Payable 600 13 Common Stock 29000 -M14 + M16- SUM(L17L24)-L15 14 Retained Earnings 15 Dividends 45200 15000 -H15 + J 15 - K15 170000 - I 16+ K16- J16 16 Service Revenue =H17+J17-K17 =H18 + J 18- K18 =H19 + J 19 - K19 =H20+ J20 - K20 -H21+ J21 - K21 -H22+ J22- K22 17 Wages Expense 18 Rent Expense 19 Truck Expense 20 Miscellaneous Expense 21 Supplies Expense 22 Insurance Expense 23 Depreciation Expenes - Equipment 24 Depreciation Expenes Truck 44000 600 10600 9000 4800 7500 2400 8550 6100 -H23+ J23- K23 H24+J24- K24 25 Net Income -SUM(L4L25)-SUM(M4M25)SUM(N4N25)-SUM(04025)Aindows 26 Total -SUM (H4H25) -SUM(I4125)-SUM(J4J25) SUM(K4K25)

G Q R. Balance Income Sheet 2 Statement Debit (S) Credit (S) Debit Credit (S) Account Titles L4 -L5 4 Cash 5 Supplies 6 Prepaid Insurance 7 Equipment 8 Accumulated Depreciation Equipment =L6 L7 -M8 =N9 9 Trucks 10 Accumulated Depreciation Trucks 11 Accounts Payable 12 Wages Payable -010 -011 -O12 -013 13 Common Stock -M14 14 Retained Earnings 15 Dividends -L15 16 Service Revenue -M16 -L17 =L18 =L19 =L20 17 Wages Expense 18 Rent Expense 19 Truck Expense 20 Miscellaneous Expense 21 Supplies Expense 22 Insurance Expense 23 Depreciation Expenes - Equipment 24 Depreciation Expenes- Truck =L21 =L22 =L23 - L24 -Q16-SUM(P17P24) -SUM(P4P25) -P25 25 Net Income |=SUM(Q4Q25) -SUM(R4R25 ) -SUM(S4S25) 26 Total S P

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