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.)
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.)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
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 -
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Addtl Data
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a.
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Physical count of inv, Dec 31
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$4,700
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b.
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Lumber supp on hand, Dec 31
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80
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c.
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Insurance expd
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70
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d.
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Dep for the yr
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460
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e.
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Accrued wages on Dec 31
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165
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d.
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Prepare a post-closing
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e.
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Journalize the reversing entry for wages
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d. Prepare a post-closing trial balance.
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Callahan Lumber
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Post-Closing Trial Balance
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December 31, 2019
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Account
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Dr.
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Cr.
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Total
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e. Journalize the reversing entry for wages. (Record debits first, then credits. Exclude explanations from journal entries.)
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Date
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Account Titles
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Dr.
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Cr.
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Jan. 1
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