Question: From the following ledger balances and additional data on page 602, do the following for Callahan Lumber of Hinton: a. Prepare the worksheet. b. Prepare

From the following ledger balances and additional data on page 602, do the following for Callahan Lumber of Hinton:
a. Prepare the worksheet.
b. Prepare the income statement, statement of owner€™s equity, and balance sheet.
c. Journalize and post adjusting and closing entries. (Be sure to put beginning balances in the ledger first.)
d. Prepare a post-closing trial balance.
e. Journalize the reversing entry for wages.

Additional Data (for Problem 13B-4)

Additional Data
a. and b. Merchandise inventory, December 31€¦€¦€¦€¦€¦€¦€¦€¦€¦€¦.. $4,700
c. Lumber supplies on hand, December 31€¦€¦€¦€¦€¦€¦€¦€¦€¦€¦€¦€¦. $80
d. Insurance expired€¦€¦€¦€¦€¦€¦€¦€¦€¦€¦..€¦€¦€¦€¦€¦€¦€¦€¦€¦€¦... $70
e Amortization for the year€¦€¦€¦€¦€¦€¦€¦€¦€¦€¦..€¦€¦€¦€¦€¦€¦€¦€¦ $ 460
f. Accrued wages on December 31€¦€¦€¦€¦€¦€¦€¦€¦€¦€¦..€¦€¦€¦€¦€¦. $ 165

Account No 110 Cash 111 Accounts Receivable 112 Merchandise Inventory 113 Lumber Supplies 114 Prepaid Insurance 121 Lumber Equipment 122 Accumulated Amortization, Lumber Equipment 220 Accounts Payable 221 Accrued Wages 330 J. Callahan, Capital 331 J. Callahan, Withdrawals 332 Income Summary 440 Sales 441 Sales Returns and Allowances 550 Purchases 1,140 1,270 5,600 260 2,600 340 1,330 7,562 3,500 23,000 400 14,700 JAY'S SUPPLIES WORKSHEET FOR YEAR ENDED DECEMBER 31, 2013 Trial Balance Adjustments r. Account Titles Cash Accounts Receivable Merchandise Inventory Prepaid Insurance Equipment Accum. Amort., Equipment Accounts Payable Unearned Training Fees Mortgage Payable r. Cr. r. 300000 300000 1170000 100000 500000 (B) 8000 00 1170000 (A) 35000 (E) 190000 210000 50000 (D) 145000(40000 240000 2775 000 P. Jay, Capital P. Jay, Withdrawals 400000 A)1170000 800000 (B) Income Summary Sales Sales Returns and Allowances 4100 00 Sales Discounts Purchases Purchases Returns and Allow. Purchases Discounts Freight-In Advertising Expense 10080000 2800 00 70000 00 2000 00 1400 00 2 70000 800000 Rent Expense Salaries Expense 850000 1600000 13980 000 1398 0000 40000 (C) Training Fees Earned Amortization Exp.,Equipment l Insurance Expense (D) 50000 (E) 35000 2095000 2095 000 551 552 660 661 662 663 664 665 Purchases Discounts Purchases Returns and Allowances Wages Expense Advertising Expense Rent Expense Amortization Expense, Lumber Equipment Lumber Supplies Expense Insurance Expense 440 545 2,390 400 840

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