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.
In the trial balances and work sheet, enter a zero in cells you would otherwise leave blank.
2.
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
Capital Stock 26,000
Retained Earnings 70,000
Dividends 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.
Adjusting Entries
for the year Ended March 31, 2014
Balance
Name:
[Key code here]
Section:
0%
2014
LAKOTA FREIGHT CO.
Cells with non-gray backgrounds are protected and cannot be edited.
End-of-Period Spreadsheet (Work Sheet)
Date
2014
Description
Adjusted
Income
Balance
Sheet
Statement
Date
Balance
Date
Unadjusted Trial Balance
Adjustments
GENERAL LEDGER
Trial Balance
Mar. 31 Balance √30,000
31 Adjusting
Prepaid Insurance 14
Post.
Item Ref. Dr. Cr. Dr. Cr.
Mar. 31 Balance √3,600
31 Adjusting
Equipment 15
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
Capital Stock 31
Post.
Item Ref. Dr. Cr. Dr. Cr.
Mar. 31 Balance √26,000
Retained Earnings 32
Post.
Item Ref. Dr. Cr. Dr. Cr.
Mar. 31 Balance √70,000
31 Closing
31 Closing
Dividends 33
Post.
Item Ref. Dr. Cr. Dr. Cr.
Mar. 31 Balance √15,000
31 Closing
2014
Balance
Balance
Date
2014
2014
2014
Balance
Date
2014
Date
2014
Date
2014
Date
Balance
Date
Balance
Date
2014
Balance
Date
2014
Balance
Date
Balance
Balance
2014
2014
Balance
Date
Income Summary 34
Post.
Item Ref. Dr. Cr. Dr. Cr.
Mar. 31 Closing
31 Closing
31 Closing
Service Revenue 41
Post.
Item Ref. Dr. Cr. Dr. Cr.
Mar. 31 Balance √160,000
31 Closing
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
Balance
Date
Date
2014
Date
2014
Balance
2014
Date
Date
Balance
Balance
2014
Balance
2014
Date
2014
Balance
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.
Capital Stock
Retained Earnings
Dividends
Service Revenue
Wages Expense
Supplies Expense
Rent Expense
Truck Expense
Depreciation Expense – Equipment
Depreciation Expense – Trucks
Insurance Expense
Miscellaneous Expense
Balance
Supplies
Date
2014
Date
2014
LAKOTA FREIGHT CO.
Credit
Balances
Trucks
Prepaid Insurance
Equipment
Wages Payable
Balance
Date
March 31, 2014
2014
Cash
Accumulated Depreciation – Equipment
2014
Balance
Date
Accounts Payable
Accumulated Depreciation – Trucks
Debit
Balances
Adjusted Trial Balance
Balance
5.
Expenses:
Total expenses
Net income
Current assets: Current liabilities:
Total liabilities
Total current assets
Property, plant, and equipment:
Total stockholders’ equity
Total property, plant, and equipment
Total assets Total liabilities and stockholders’ equity
5.
Page 27
Post.
Ref. Debit Credit
Mar. 31
31
31
31
7.
Post-Closing Trial Balance
Debit
Balances
Credit
Balances
LAKOTA FREIGHT CO.
Supplies
For the Year Ended March 31, 2014
March 31, 2014
Cash
Description
Date
Closing Entries
2014
JOURNAL
Stockholders’ Equity
Liabilities
LAKOTA FREIGHT CO.
Assets
Balance Sheet
Retained earnings, April 1, 2013
March 31, 2014
For the Year Ended March 31, 2014
Revenues:
Retained Earnings Statement
LAKOTA FREIGHT CO.
Retained earnings, March 31, 2014
LAKOTA FREIGHT CO.
Income Statement
Accounts Payable
Capital Stock
Retained Earnings
Wages Payable
Accumulated Depreciation – Equipment
Trucks
Accumulated Depreciation – Trucks
Prepaid Insurance
Equipment
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.
In the trial balances and work sheet, enter a zero in cells you would otherwise leave blank.
2.
Account Title Dr. Cr. Dr. Cr. Dr. Cr. Dr. Cr. Dr. Cr.
Cash 12,000 – – 12,000 – – – 12,000 –
3.
Page 26
Post.
Ref. Debit Credit
Mar. 31 52 22,500
1., 3., and 6.
Cash
11
Post.
Item Ref. Dr. Cr. Dr. Cr.
JOURNAL
Date
2014
Adjusting Entries
Description
GENERAL LEDGER
ON
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
Balance
Solution
Name:
Section:
An asterisk (*) will appear to the right of an incorrect entry.
LAKOTA FREIGHT CO.
Adjusted
Statement
Sheet
Trial Balance
Unadjusted Trial Balance
Adjustments
Supplies Expense
2014
Date
Date
Balance
Date
Date
Service Revenue 41
Post.
Item Ref. Dr. Cr. Dr. Cr.
4.
2014
March 31, 2014
Balance
LAKOTA FREIGHT CO.
Adjusted Trial Balance
Date
Depreciation expense – equipment
Insurance expense
Truck expense
Supplies expense
For the Year Ended March 31, 2014
Wages expense
Accumulated depreciation
Wages payable
Accumulated depreciation
12,000 –
5.
160,000$
Current assets: Current liabilities:
12,000$ 4,000$
6.
Page 27
Post.
Ref. Debit Credit
Mar. 31 41 160,000
34 160,000
Accounts payable
Service Revenue
Income Summary
March 31, 2014
Assets
Liabilities
2014
Closing Entries
Date
LAKOTA FREIGHT CO.
Service revenue
Cash
Balance Sheet
Debit
Balances
Credit
Balances
Revenues:
Income Statement
For the Year Ended March 31, 2014
Description
Cash
JOURNAL
LAKOTA FREIGHT CO.
Trucks