The unadjusted trial balance of Lakota Freight Co. at March 31, 20Y4, the end of the year, follows: Lakota Freight Co. UNADJUSTED TRIAL BALANCE March 31, 20Y4 ACCOUNT TITLE DEBIT CREDIT 1 Cash 10,000.00 2 Supplies 31,000.00 3 Prepaid Insurance 3,600.00 4 Equipment 100,000.00 5 Accumulated Depreciation-Equipment 25,000.00 6 Trucks 60,000.00 7 Accumulated Depreciation-Trucks 15,000.00 8 Accounts Payable 5,000.00 9 Common Stock 32,000.00 10 Retained Earnings 50,700.00 11 Dividends 15,000.00 12 Service Revenue 160,000.00 13 Wages Expense 44,000.00 14 Rent Expense 10,300.00 15 Truck Expense 9,000.00 16 Miscellaneous Expense 4,800.00 17 Totals 287,700.00 287,700.00 The data needed to determine year-end adjustments are as follows: (a) Supplies on hand at March 31 are $7,000. (b) Insurance premiums expired during year are $1,800. (c) Depreciation of equipment during year is $8,550. (d) Depreciation of trucks during year is $6,200. (e) Wages accrued but not paid at March 31 are $500. 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.
The unadjusted trial balance of Lakota Freight Co. at March 31, 20Y4, the end of the year, follows: Lakota Freight Co. UNADJUSTED TRIAL BALANCE March 31, 20Y4 ACCOUNT TITLE DEBIT CREDIT 1 Cash 10,000.00 2 Supplies 31,000.00 3 Prepaid Insurance 3,600.00 4 Equipment 100,000.00 5 Accumulated Depreciation-Equipment 25,000.00 6 Trucks 60,000.00 7 Accumulated Depreciation-Trucks 15,000.00 8 Accounts Payable 5,000.00 9 Common Stock 32,000.00 10 Retained Earnings 50,700.00 11 Dividends 15,000.00 12 Service Revenue 160,000.00 13 Wages Expense 44,000.00 14 Rent Expense 10,300.00 15 Truck Expense 9,000.00 16 Miscellaneous Expense 4,800.00 17 Totals 287,700.00 287,700.00 The data needed to determine year-end adjustments are as follows: (a) Supplies on hand at March 31 are $7,000. (b) Insurance premiums expired during year are $1,800. (c) Depreciation of equipment during year is $8,550. (d) Depreciation of trucks during year is $6,200. (e) Wages accrued but not paid at March 31 are $500. 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.
Survey of Accounting (Accounting I)
8th Edition
ISBN:9781305961883
Author:Carl Warren
Publisher:Carl Warren
Chapter3: Basic Accounting Systems: Accrual Basis
Section: Chapter Questions
Problem 3.6.3P: Adjustment process and financial statements Adjustment data for Ms. Ellen’s Laundry Inc. for the...
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The unadjusted
Lakota Freight Co.
UNADJUSTED TRIAL BALANCE
March 31, 20Y4
ACCOUNT TITLE | DEBIT | CREDIT | |
---|---|---|---|
1 |
Cash |
10,000.00 |
|
2 |
Supplies |
31,000.00 |
|
3 |
Prepaid Insurance |
3,600.00 |
|
4 |
Equipment |
100,000.00 |
|
5 |
|
|
25,000.00 |
6 |
Trucks |
60,000.00 |
|
7 |
Accumulated Depreciation-Trucks |
|
15,000.00 |
8 |
Accounts Payable |
|
5,000.00 |
9 |
Common Stock |
|
32,000.00 |
10 |
|
|
50,700.00 |
11 |
Dividends |
15,000.00 |
|
12 |
Service Revenue |
|
160,000.00 |
13 |
Wages Expense |
44,000.00 |
|
14 |
Rent Expense |
10,300.00 |
|
15 |
Truck Expense |
9,000.00 |
|
16 |
Miscellaneous Expense |
4,800.00 |
|
17 |
Totals |
287,700.00 |
287,700.00 |
The data needed to determine year-end adjustments are as follows:
(a) | Supplies on hand at March 31 are $7,000. |
(b) | Insurance premiums expired during year are $1,800. |
(c) | Depreciation of equipment during year is $8,550. |
(d) | Depreciation of trucks during year is $6,200. |
(e) | Wages accrued but not paid at March 31 are $500. |
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. |
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