Using the ledger balances and additional data shown on the next two pages, do the following for Callahan Lumber of Hinton for the year ended December 31, 2013:
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 13A-4)
a. and b. Merchandise inventory, December 31€¦€¦€¦€¦€¦€¦€¦€¦€¦€¦€¦. $5,420
c. Lumber supplies on hand, December 31€¦€¦€¦€¦€¦€¦€¦€¦€¦€¦€¦€¦€¦ $ 110
d. Insurance expired€¦€¦€¦€¦€¦€¦€¦€¦€¦€¦€¦.€¦€¦€¦€¦€¦€¦€¦€¦€¦€¦.. $ 120
e. Amortization for the year€¦€¦€¦€¦€¦€¦€¦€¦€¦€¦€¦€¦€¦€¦€¦€¦€¦€¦€¦ $ 300
f. Accrued wages on December 31€¦€¦€¦€¦€¦€¦€¦€¦€¦€¦€¦€¦€¦€¦€¦€¦. $ 125

Transcribed Image Text:

JAMES COMPANY WORKSHEET FOR YEAR ENDED DECEMBER 31, 2014 Balance Sheet Account Titles Cash Petty Cash Accounts Receivable Merchandise Inventory Supplies Prepaid Insurance Store Equipment Accum. Amort., Store Eq. Automobile Accum. Accounts Payable Taxes Payable Unearned Rent Mortgage Payable H. James, Capital H. James, withdrawals r. 850000 9000 1350 00 4000 00 325 00 500 00 280000 r. 700 00 1700 00 225 00 280000 240000 850000 45000 740000 Amort, Auto 10000 Accrued Salaries 60000 19365 00 2307500 Net Loss 3710 00 2307500 2307500 Account No 110 Cash Accounts Receivable Merchandise Inventorv Lumber Supplies Prepaid Insurance Lumber Equipment 1,680 960 4,550 269 218 3,000 490 1,160 112 121 122Accumulated Amortization, Lumber Equipment 220 221 330 J. Callahan, Capital 331 J. Callahan, Withdrawals 332 440 Sales 441 550 551 552 660 661 662 663 664 665 Accounts Payable Accrued Wages 7,352 3,000 Income Summa rv Sales Returns and Allowances Purchases Purchases Discounts Purchases Returns and Allowances Wages Expense Advertising Expense Rent Expense Amortization Expense, Lumber Equipment Lumber Supplies Expense Insurance Expense 22,800 200 14,800 285 300 2,480 400 830 JAYS SUPPLIES WORKSHEET FOR YEAR ENDED DECEMBER 31, 2013 Trial Balance Adjustments Dr. Account Titles Cash Accounts Receivable Merchandise Inventory Prepaid Insurance Equipment Accum. Amort., Equipment Accounts Payable Unearned Training Fees Mortgage Payable P.Jay, Capital P. Jay, Withdrawals Income Summary Sales Sales Returns and Allowances Sales Discounts Purchases Purchases Returns and Allow. Purchases Discounts Freight-In Cr. Dr. 2000 00 r. 11000 00 188000 340000 (B) 1040000 1100000 (A) 50000 (E) 40000 (D) 108000 5080 00 212000 1200 00 1056000 (C) 32000 4280 00 (A) 11000 00 1040000 (B) 9580000 320000 260000 6360000 1360000 320000 268000 Advertising Expense 1140000 1000000 1360000 Rent Expense Salaries Expense 13264000 13264000 Training Fees Earned Amort. Exp., Equipment Insurance Expense 32000 (C) (D) 40000 (E) 50000 2262000 2262000