Using the ledger bal & addtl data given, do the following for Callahan Lumber for the yr ended December 31, 2019: Account Balances for Callahan Lumber Account No. 110 Cash $1,140 111 Accounts Receivable 1,270 112 Merch Inv 5,600 113 Lumber Supplies 260 114 Prepaid Insurance 117 121 Lumber Equip 2,600 122 Accu Depreciation, Lumber Equip 340 220 Accs Payable 1,330 221 Wages Payable - 330 L. Callahan, Cap 7,562 331 L. Callahan, Withdrawals 3,500 332 Income Summary - 440 Sales 23,000 441 Sales Returns and Allowances 400 550 Cost of Goods Sold 13,175 660 Wages Exp 2,390 661 Advertising Exp 940 662 Rent Exp840 663 Dep Exp, Lumber Equip - 664 Lumber Supplies Exp- 665 Ins Exp - Addtl Data a. Physical count of inv, Dec 31 $4,700 b. Lumber supp on hand, Dec 31 80 c. Insurance expd 70 d. Dep for the yr 460 e. Accrued wages on Dec 31 165 d. Prepare a post-closing trial balance. e. Journalize the reversing entry for wages d. Prepare a post-closing trial balance. Callahan Lumber Post-Closing Trial Balance December 31, 2019 Account Dr. Cr. Total e. Journalize the reversing entry for wages. (Record debits first, then credits. Exclude explanations from journal entries.)

College Accounting, Chapters 1-27 (New in Accounting from Heintz and Parry)

22nd Edition

ISBN:9781305666160

Author:James A. Heintz, Robert W. Parry

Publisher:James A. Heintz, Robert W. Parry

Chapter14: Adjustments And The Work Sheet For A Merchandising Business

Section: Chapter Questions

Problem 9SPB: COMPLETION OF A WORK SHEET SHOWING A NET INCOME A trial balance for the Bosket Corner, a business...

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Using the ledger bal & addtl data given, do the following for Callahan Lumber for the yr ended December 31, 2019:

Account Balances for Callahan Lumber

Account No.

110 Cash $1,140

111 Accounts Receivable 1,270

112 Merch Inv 5,600

113 Lumber Supplies 260

114 Prepaid Insurance 117

121 Lumber Equip 2,600

122 Accu Depreciation, Lumber Equip 340

220 Accs Payable 1,330

221 Wages Payable -

330 L. Callahan, Cap 7,562

331 L. Callahan, Withdrawals 3,500

332 Income Summary -

440 Sales 23,000

441 Sales Returns and Allowances 400

550 Cost of Goods Sold 13,175

660 Wages Exp 2,390

661 Advertising Exp 940

662 Rent Exp840

663 Dep Exp, Lumber Equip -

664 Lumber Supplies Exp-

665 Ins Exp -

Addtl Data
a.	Physical count of inv, Dec 31	$4,700
b.	Lumber supp on hand, Dec 31	80
c.	Insurance expd	70
d.	Dep for the yr	460
e.	Accrued wages on Dec 31	165

d.		Prepare a post-closing trial balance.
e.		Journalize the reversing entry for wages

d. Prepare a post-closing trial balance.

Callahan Lumber
Post-Closing Trial Balance
December 31, 2019
	Account	Dr.	Cr.










	Total

e. Journalize the reversing entry for wages. (Record debits first, then credits. Exclude explanations from journal entries.)

Journal Entry
	Date	Account Titles	Dr.	Cr.
	Jan. 1

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