Problem 4-4A
Score:
Key Code:
Instructions
Answers are entered in the cells with gray backgrounds.
An asterisk (*) will appear to the right of an incorrect entry.
In the general ledger accounts, only normal balance columns will be graded.
For correct grading in the trial balances and work sheet, enter a zero in cells you would otherwise leave blank.
1.
Account Title Dr. Cr. Dr. Cr. Dr. Cr. Dr. Cr. Dr. Cr.
Cash 12,000
Supplies 30,000
Prepaid Insurance 3,600
Equipment 110,000
Accum. Depr. – Equip. 25,000
Trucks 60,000
Accum. Depr. – Trucks 15,000
Accounts Payable 4,000
Wages Payable
Kaya Tarango, Capital 96,000
Kaya Tarango, Drawing 15,000
Service Revenue 160,000
Wages Expense 45,000
Supplies Expense
Rent Expense 10,600
Truck Expense 9,000
Depr. Exp. – Equipment
Depr. Exp. – Trucks
Insurance Expense
Miscellaneous Expense 4,800
300,000 300,000
3.
Page 26
Post.
Ref. Debit Credit
Mar. 31
31
31
31
31
1., 3., and 6.
Cash
11
Post.
Item Ref. Dr. Cr. Dr. Cr.
Mar. 31 Balance √12,000
Supplies 13
Post.
Item Ref. Dr. Cr. Dr. Cr.
Mar. 31 Balance √30,000
31 Adjusting
Description
GENERAL LEDGER
For the Year Ended March 31, 2014
Adjusted
Income
Trial Balance
Statement
Unadjusted Trial Balance
Adjustments
LAKOTA FREIGHT CO.
End-of-Period Spreadsheet (Work Sheet)
Date
Date
2014
Section:
0%
(Enter key code here)
Cells with non-gray backgrounds are protected and cannot be edited.
Name:
JOURNAL
Date
2014
Adjusting Entries
Balance
Balance
2014
Prepaid Insurance 14
Post.
Item Ref. Dr. Cr. Dr. Cr.
Mar. 31 Balance √3,600
31 Adjusting
Equipment 16
Post.
Item Ref. Dr. Cr. Dr. Cr.
Mar. 31 Balance √110,000
Accumulated Depreciation – Equipment
17
Post.
Item Ref. Dr. Cr. Dr. Cr.
Mar. 31 Balance √25,000
31 Adjusting
Trucks 18
Post.
Item Ref. Dr. Cr. Dr. Cr.
Mar. 31 Balance √60,000
Accumulated Depreciation – Trucks 19
Post.
Item Ref. Dr. Cr. Dr. Cr.
Mar. 31 Balance √15,000
31 Adjusting
Accounts Payable 21
Post.
Item Ref. Dr. Cr. Dr. Cr.
Mar. 31 Balance √4,000
Wages Payable 22
Post.
Item Ref. Dr. Cr. Dr. Cr.
Mar. 31 Adjusting
Kaya Taranga, Capital 31
Post.
Item Ref. Dr. Cr. Dr. Cr.
Mar. 31 Balance √96,000
31 Closing
31 Closing
Kaya Taranga, Drawing 32
Post.
Item Ref. Dr. Cr. Dr. Cr.
Mar. 31 Balance √15,000
31 Closing
Income Summary 33
Post.
Item Ref. Dr. Cr. Dr. Cr.
July 31 Closing
31 Closing
31 Closing
Service Revenue 41
Post.
Item Ref. Dr. Cr. Dr. Cr.
Mar. 31 Balance √160,000
31 Closing
Balance
Balance
Balance
Date
2014
Balance
Balance
Balance
Balance
2014
Date
Date
2014
Date
Balance
Date
2014
Balance
Date
Balance
Date
2014
Balance
Date
Date
2014
2014
2014
2014
Date
2014
Date
2014
Wages Expense 51
Post.
Item Ref. Dr. Cr. Dr. Cr.
Mar. 31 Balance √45,000
31 Adjusting
31 Closing
Supplies Expense 52
Post.
Item Ref. Dr. Cr. Dr. Cr.
Mar. 31 Adjusting
31 Closing
Rent Expense 53
Post.
Item Ref. Dr. Cr. Dr. Cr.
Mar. 31 Balance √10,600
31 Closing
Truck Expense 54
Post.
Item Ref. Dr. Cr. Dr. Cr.
Mar. 31 Balance √9,000
31 Closing
Depreciation Expense – Equipment 55
Post.
Item Ref. Dr. Cr. Dr. Cr.
Mar. 31 Adjusting
31 Closing
Depreciation Expense – Trucks
56
Post.
Item Ref. Dr. Cr. Dr. Cr.
Mar. 31 Adjusting
31 Closing
Insurance Expense 57
Post.
Item Ref. Dr. Cr. Dr. Cr.
Mar. 31 Adjusting
31 Closing
Miscellaneous Expense 59
Post.
Item Ref. Dr. Cr. Dr. Cr.
Mar. 31 Balance √4,800
31 Closing
4.
Accounts Payable
Kaya Tarango, Capital
Kaya Tarango, Drawing
Service Revenue
Wages Expense
Supplies Expense
Balance
Balance
Accumulated Depreciation – Equipment
Balance
Trucks
Debit
Balances
LAKOTA FREIGHT CO.
Adjusted Trial Balance
Date
Accumulated Depreciation – Trucks
Wages Payable
Balance
Balance
2014
Date
Balance
2014
Date
2014
Date
2014
Supplies
Balance
Balance
Date
March 31, 2014
Equipment
Prepaid Insurance
Cash
2014
2014
Date
Credit
Balances
2014
Date
Date
2014
Rent Expense
Truck Expense
Depreciation Expense – Equipment
Depreciation Expense – Trucks
Insurance Expense
Miscellaneous Expense
5.
Expenses:
Net income
Current assets: Current liabilities
Total liabilities
Total current assets
Property, plant, and equipment:
Total property, plant, and equipment
Total assets Total liabilities and owner’s equity
6.
Page 27
Post.
Ref. Debit Credit
Mar. 31
31
Miscellaneous Expense
31
31
7.
LAKOTA FREIGHT CO.
Total expenses
For the Year Ended March 31, 2014
Revenues:
For the Year Ended March 31, 2014
Kaya Tarango, capital, April 1, 2013
March 31, 2014
Balance Sheet
Statement of Owner’s Equity
LAKOTA FREIGHT CO.
Income Statement
LAKOTA FREIGHT CO.
Kaya Tarango, capital, March 31, 2014
Owner’s Equity
JOURNAL
Liabilities
Date
Closing Entries
2014
Description
Post-Closing Trial Balance
Assets
LAKOTA FREIGHT CO.
Accounts Payable
Kaya Tarango, Capital
Wages Payable
Equipment
Accumulated Depreciation – Equipment
Cash
Supplies
Prepaid Insurance
Trucks
Accumulated Depreciation – Trucks
March 31, 2014
Debit
Balances
Credit
Balances
Problem 4-4A
Score:
Instructions
Answers are entered in the cells with gray backgrounds.
In the general ledger accounts, only normal balance columns will be graded.
For correct grading in the trial balances and work sheet, enter a zero in cells you would otherwise leave blank.
1.
Account Title Dr. Cr. Dr. Cr. Dr. Cr. Dr. Cr. Dr. Cr.
Cash 12,000 – – 12,000 – – – 12,000 –
Supplies 30,000 – (a) 22,500 7,500 – – – 7,500 –
3.
Page 26
Post.
Ref. Debit Credit
Wages Expense
Insurance Expense
Depreciation Expense – Trucks
Depreciation Expense – Equipment
Mar. 31 52 22,500
13 22,500
1., 3., and 6.
Cash
11
Post.
Item Ref. Dr. Cr. Dr. Cr.
Post.
Date
2014
Balance
Adjustments
Trial Balance
Statement
An asterisk (*) will appear to the right of an incorrect entry.
LAKOTA FREIGHT CO.
Adjusted
Solution
Name:
Section:
ON
GENERAL LEDGER
Balance
Date
Cells with non-gray backgrounds are protected and cannot be edited.
End-of-Period Spreadsheet (Work Sheet)
For the Year Ended March 31, 2014
Income
Unadjusted Trial Balance
JOURNAL
Date
2014
Description
Supplies
Supplies Expense
Prepaid Insurance 14
Post.
Item Ref. Dr. Cr. Dr. Cr.
Balance
Date
2014
Post.
Post.
Post.
Post.
Post.
Post.
Post.
Post.
Post.
Post.
Balance
Date
2014
Date
Balance
Date
2014
Balance
Date
2014
Balance
Date
Date
2014
Date
Balance
Balance
Balance
Date
2014
Balance
Balance
Date
Balance
Date
2014
Prepaid Insurance
Accumulated Depreciation – Trucks
Wages Payable
Trucks
4.
12,000 –
7,500 –
LAKOTA FREIGHT CO.
Supplies
Adjusted Trial Balance
March 31, 2014
Debit
Balances
Credit
Balances
Cash
2014
2014
Kaya Tarango, capital, April 1, 2013
LAKOTA FREIGHT CO.
Wages expense
Depreciation expense – equipment
Less withdrawals
Increase in owner’s equity
Truck expense
Net income for the year
For the Year Ended March 31, 2014
Depreciation expense – trucks
Insurance expense
Miscellaneous expense
Supplies expense
Rent expense
5.
160,000$
6.
Page 27
Post.
LAKOTA FREIGHT CO.
Depreciation Expense – Equipment
Depreciation Expense – Trucks
Income Summary
Rent Expense
Supplies Expense
Wages Expense
Truck Expense
Kaya Tarango, Drawing
Insurance Expense
Income Summary
Kaya Tarango, Capital
Kaya Tarango, Capital
Ref. Debit Credit
Mar. 31 41 160,000
33 160,000
JOURNAL
Description
Service revenue
LAKOTA FREIGHT CO.
Income Statement
For the Year Ended March 31, 2014
Revenues:
Expenses:
2014
Closing Entries
Date
Service Revenue
Income Summary