Question

do the following for From the ledger balances and additional data given, do the follow Cross Lumber for the year ended December 31, 201X. 1. Prepare the worksheet. 2. Prepare the income statement, statement of owner's equity, and balance sheet. 3. Journalize and post adjusting and closing entries. (Be sure to put beginning balances in the ledger first.) 4. Prepare a post-closing trial balance. 5. Journalize the reversing entry for wages accrued. Account Balances of Cross Lumber $ 110 1,300 1,280 4,300 267 121 209 3,300 530 1,200 5,761 2,700 331 Acct. No. Cash 111 Accounts Receivable 112 Merchandise Inventory 113 Lumber Supplies 114 Prepaid Insurance Lumber Equipment 122 Acc. Dep., Lumber Equipment 220 Accounts Payable 221 Wages Payable 330 J. Cross, Capital J. Cross, Withdrawals 332 Income Summary Sales Sales Returns and Allowances 550 Purchases Purchases Discount Purchases Returns and Allowances 660 Wages Expense 661 Advertising Expense Rent Expense 663 Dep. Exp., Lumber Equipment Lumber Supplies Expense 665 Insurance Expense 440 441 23,200 230 14,500 325 340 2,120 370 562 664 $4,700 Additional Data a./b. Merchandise inventory, December 31 c. Lumber supplies on hand, December 31 d. Insurance expired e. Depreciation for the year f. Accrued wages on December 31 120 210 135

Answer 1

As per policy, only 4 parts of a question are allowed to answer at a time, so part 1 & three parts of 2. For rest pls repost the question with requirements:

1)		Unadjusted T/B		Adjustment		Adjusted T/B
Acct No.	Acc title	Debit $	Credit $	Debit $	Credit $	Debit $	Credit $
110	Cash	1300				1300
111	AR	1280				1280
112	Merc Inv.	4300		4700	4300	4700
113	Lumber suppl	267			192	75
114	Prep. Ins.	209			120	89
121	Lumber equip	3300				3300
122	Acc dep - L Equip		530		210		740
220	AP		1200				1200
221	Wages pay.				135		135
330	J Cross capital		5761				5761
331	J Cross Withdrawals	2700				2700
332	Income Summary
440	Sales		23200				23200
441	Sales returns and Allow	230				230
550	Purchases	14500		4300	4700	14100
551	Purchase Discount		325				325
552	Purchases returns and allowances		340				340
660	Wages exp.	2120		135		2255
661	Advertising exp.	370				370
662	Rent expense	780				780
663	Dep. Exp.			210		210
664	Lumber suppl. Exp.			192		192
665	Insurance exp.			120		120
	Total	31356	31356	9657	9657	31701	31701
2a) Income Statement:
	Amount $
Sales	23200
Sales returns and Allow	230
Net Sales	22970
Less: COGS:
Op Inv.	4300
Purchases	14500
Purchase Discount	325
Purchases returns and allowances	340
CL Inv.	4700
COGS	13435
Gross Profit	9535
Less: operating expenses:
Wages exp.	2255
Advertising exp.	370
Rent expense	780
Dep. Exp.	210
Lumber suppl. Exp.	192
Insurance exp.	120
Total expenses	3927
Net Income	5608
2b)Statement of owner's equity:
	Amount $
Opening capital	5761
Less:Withdrawal	2700
Add:Net Income	5608
Closing capital	8669
2c)Balance Sheet:
Assets:	Amount $
Cash	1300
AR	1280
Merc Inv.	4700
Lumber suppl	75
Prep. Ins.	89
Current assets	7444
Lumber equip	3300
Acc dep - L Equip	-740
Total Assets	10004
Liabilities & Equity	Amount $
AP	1200
Wages pay.	135
Current liabilities	1335
J Cross capital	8669
Total Liabilites & Equity	10004