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PSA 4-4

WRD 26_PR04-4A.xlsx(341.17KB)
This is theQuestion I need the solution to. This is the followinginformation.
a. Supplieson hand at March 31 are $7,500.
b. Insurancepremiums expired during year are $1,800.
c.Depreciation of equipment during year is $8,350.
d.Depreciation of trucks during year is $6,200.
e. Wagesaccrued but not paid at March 31 are $600.
Instructions
1. For each account listed in thetrial balance, enter the balance in the appropriate Balance columnof a four column account and place a check mark in the postingreference column.
3. Journalize and post theadjusting entries, inserting balances in the accounts effected.Record the adjusting entries on Page 26 of the journal. Thefollowing additional accounts from Lakota Freight Co.'s chart ofaccounts should be used: Wages payable, 22; Supplies Expense, 52;Depreciation Expense--Equipment, 55; Depreciation Expense--Trucks,56; Insurance Expense, 57.
4. Prepare and adjusted trialbalance.
5. Prepare an income statement, astatement of owner's equity, and a balance sheet.
6. Journalize and post the closingentries. Record the closing entries on page 27 of the journal.Indicated closed accounts by inserting a line in both balancecolumns opposite the closing entry.
7. Prepare a post-closing trialbalance.

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he unadjusted trial balance of Lakota Freight Co. at March 31,2016, the end of the year, follows: Lakota Freight Co. UNADJUSTEDTRIAL BALANCE March 31, 2016 ACCOUNT TITLE DEBIT CREDIT 1 Cash12,000.00 2 Supplies 30,000.00 3 Prepaid Insurance 3,600.00 4Equipment 110,000.00 5 Accumulated Depreciation-Equipment 25,000.006 Trucks 60,000.00 7 Accumulated Depreciation-Trucks 15,000.00 8Accounts Payable 4,000.00 9 Kaya Tarango, Capital 96,000.00 10 KayaTarango, Drawing 15,000.00 11 Service Revenue 160,000.00 12 WagesExpense 45,000.00 13 Rent Expense 10,600.00 14 Truck Expense9,000.00 15 Miscellaneous Expense 4,800.00 16 Totals 300,000.00300,000.00 The data needed to determine year-end adjustments are asfollows: • Supplies on hand at March 31 are $7,500. • Insurancepremiums expired during year are $1,800. • Depreciation ofequipment during year is $8,350. • Depreciation of trucks duringyear is $6,200. • Wages accrued but not paid at March 31 are $600.Required: 1. For each account listed in the trial balance, enterthe balance in the appropriate Balance column of a four-columnaccount and select the check mark in the Post. Ref. column. 2.(Optional) On your own paper or spreadsheet, enter the unadjustedtrial balance on an end-of-period work sheet and complete the worksheet. 3. a. Journalize the adjusting entries on Page 26 of thejournal. Adjusting entries are recorded on March 31. b. Post theadjusting entries to the ledger, inserting balances in the accountsaffected. 4. Prepare an adjusted trial balance. 5. Prepare anincome statement, a statement of owner’s equity, and a balancesheet.* 6. a. Journalize the closing entries on page 27 of thejournal. b. Post the closing entries to the ledger, insertingbalances in the accounts affected. If the account balance is zero(0), enter a zero (0) in the account's normal balance column. If noentry is required in a cell, leave it blank. 7. Prepare apost-closing trial balance. * Be sure to read the instructions foreach financial statement carefully.

ANEOHE RENOVATIONS Unadjusted Trial Balance December 31, 2015Cash $4,000
 Accounts receivable 1,800
 Construction supplies1,360
 Prepaid insurance 1,940
 Investment in Sierra, Inc., commonshares (long-term) 8,000
 Trucks 38,000
 Accumulated depreciation,trucks $15,000
 Construction equipment 6,400
 Accumulateddepreciation, construction equipment 2,300
 Building 103,000
Accumulated depreciation, building 38,600
 Land 24,000
 Franchise35,000
 Unearned renovation service revenue 1,950
 Notes payable,long term 83,400
 Capital 66,075
 Drawings 32,000
 Renovationarchitecture fees 14,800
 Renovation services revenue 96,000
 Gas,oil, and repairs expense 4,825
 Interest expense 7,650
 Renovationwages expense 34,050
 Office salaries expense 16,100 
 TOTAL$318,125 $318,125 REQUIRED: (1) Set-up the T-ACCTS for the items inthe trial balance above plus these additional accounts: WagesPayable Depreciation Expense, Building Depreciation Expense,Construction Equipment Depreciation Expense, Trucks InsuranceExpense Construction Supplies Expense Enter the trial balanceamounts in the T-ACCTS. (2) Use the information that follows toprepare and record adjusting journal entries. (a) Insurancepremiums of $1,115 expired during the year. (b) An inventory countshows $1,232 of unused construction supplies on hand. (c)Depreciation on the construction equipment, $1,625. (d)Depreciation on the trucks, $9,400. (e) Depreciation on thebuilding, $4,900. (f) Of the $1,950 balance in the UnearnedRenovation Service Revenue account, $725 was earned by theyear-end. (g) Accrued renovation architecture fees earned butunrecorded at year-end totaled $2,100. (h) There were $960 ofearned but unrecorded wages for an employee at the year-end. (3)Post the adjusting entries to T-Accounts. (4) Prepare an adjustedtrial balance. (5) In good form, prepare an income statement, astatement of owner’s equity, and a classified balance sheet. A$10,400 installment on the long-term note payable is due within oneyear. KEY NUMBERS: Balance Construction Supplies $ 1,232
BalancePrepaid Insurance 825
Balance Unearned Renovation Architecture Fees1,225
Balance Renovation Architecture Fees Earned 16,900
BalanceRenovation Wages Expense 35,010
Total debit column Trial Balance337,110
Net Income 32,872
Total Assets 152,532
Total CurrentLiabilities 12,585

On December 31 adjusting entries for the following transactions.1. Fees accrued but not billed, $6,300. 2. The Supplies accountbalance on December 31, $4,750; Supplies on hand, $960. 3. Wagesaccrued but not paid, $2,700. 4. Depreciation of office equipment,$1,650. 5. Rent expired during year, $10,800. need help with ageneral journal The balances for the accounts listed below appearedin the Adjusted Trial Balance columns of the work sheet. Indicatewhether each balance should be extended to (a) the Income Statementcolumns or (b) the Balance Sheet columns. 1. Salaries Payable 2.Fees Earned 3. Accounts Payable 4. Common Stock 5. Supplies Expense6. Unearned Rent 7. Retained Earnings 8. Equipment 9. AccountsReceivable 10. Accumulated Depreciation 11. Salary Expense 12.Depreciation Expense The following accounts were taken from theAdjusted Trial Balance columns of the end-of-period spreadsheet forApril 30, for Finnegan Co.: Accounts Amount AccumulatedDepreciation $32,000 Fees Earned 78,000 Depreciation Expense 7,250Rent Expense 34,000 Prepaid Insurance 6,000 Supplies 400 SuppliesExpense 1,800 Required: Prepare an income statement. Be sure tocomplete the statement heading. Refer to the lists of Accounts inthe information given, Labels, and Amount Descriptions for theexact wording of the answer choices for text entries. You will notneed to enter colons (:) on the income statement. On January 1,Hannah's Pool Service Company had a retained earnings balance of$252,000. During the year Hannah's stockholders bought anadditional $32,000 in common stock and received dividends of$52,200. For the year ended December 31 Hannah's Pool ServiceCompany reported a net income of $73,200. Required: Prepare aretained earnings statement for the year ended December 31. Referto the Instructions and the lists of Labels and Amount Descriptionsfor the exact wording of the answer choices for text entries.“Less” or “Plus” will automatically appear if it is required. Besure to complete the statement heading. The following data weretaken from the Adjusted Trial Balance columns of the end-of-periodspreadsheet for April 30 for Abigail Company: Accounts AmountAccumulated Depreciation $42,400 Prepaid Rent 6,800 Supplies 850Unearned Fees 7,310 Trucks 49,300 Cash 3,400 Common Stock 2,000Retained Earnings ? Required: Prepare a classified balance sheet.Be sure to complete the statement heading. Refer to the lists ofAccounts in the information given, Labels, and Amount Descriptionsfor the exact wording of the answer choices for text entries. Youwill not need to enter colons (:) on the Balance Sheet. On thebasis of the following data taken from the Adjusted Trial Balancecolumns of the work sheet for the year ended March 31 for BanesDomino's Corporation. Banes Domino's Corporation ADJUSTED TRIALBALANCE December 31, 20-- ACCOUNT TITLE DEBIT CREDIT 1 Cash30,000.00 2 Accounts Receivable 45,200.00 3 Supplies 5,000.00 4Equipment 169,900.00 5 Accumulated Depreciation 32,000.00 6Accounts Payable 12,500.00 7 Common Stock 51,600.00 8 RetainedEarnings 20,000.00 9 Dividends 47,000.00 10 Fees Earned 510,000.0011 Salary Expense 244,500.00 12 Rent Expense 48,000.00 13Depreciation Expense 25,000.00 14 Supplies Expense 9,500.00 15Miscellaneous Expense 2,000.00 16 Totals 626,100.00 626,100.00Required: Journalize the four closing entries. Refer to the Chartof Accounts for exact wording of account titles.

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