P8-5B. From the following ledger balances and additional data below, complete 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. lccount la 110 Cash 111 Accounts Receivable. Vierchandise Inventory 113 Lumber Supplies Prepaid Insurance 121 Lumber Equipment Accumulated Depreciation, Lumber Equipment 220 Accounts Payable 221 Accrued Wages 350 J. Callahan, Capital $ 1,140 1,270 5,600 260 117 2,600 340 1,330 7,562 9:15 1 ENG The Partial Workshe x + 3800f8/pages/a72b0ebcc88392820bcc29c636c0d40bfa6923173-P7001016... Questions, Classroom Demonstration Exercises, Ex... FC 221 330 331 332 440 7,562 3,500 441 550 660 661 662 66 664 60 Accrued Wages J. Callahan, Capital J. Callahan, Withdrawals Income Summary Sales Sales Returns and Allowances Cost of Goods Sold Wages Expense Advertising Expense Rent Expense Depreciation Expense, Lumber Equipment Lumber Supplies Expense Insurance lixpense 23.000 400 13,715 2,390 400 840 A. Physical count of inventory, December 31 B. Lumber supplies on hand. December 31 C. Insurance expired D. Depreciation for the year E. ccrued wages on December 31 $ 4.700 80 70 460 165 Comprehensive problem: preparing the worksheet: 30078/pages/a72b0ebcc88392f20bcc29c636c0d40bfa6923173-P7001016... Questions, Classroom Demonstration Exercises, Ex... FC A. Physical count of inventory, December 31 B. Lumber supplies on hand, December 31 C. Insurance expired D. Depreciation for the year E. Accrued wages on December 31 $ 4,700 80 70 460 165 Comprehensive problem: preparing the worksheet; preparing financial reports, journalizing and posting adjusting and closing entries; preparing a post-closing trial balance; journalizing reversing entry (150 min) Check Figure Net Income $3,480 915 PM