$8-5$B$.$ From the following ledger balances and additional data below, use Problem $8-5$B Worksheet to complete the following for Callahan Lumber of Hinton: Chapter $8$: Completion of the Accounting Cycle for a Merchandising Company

a$.$ Prepare the worksheet.

b$.$ Prepare the multi$-$step income statement, statement of owner's equity, and classified

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.

A$.$ Physical count of inventory, December $31,20$X$1$

$$4,700$

B$.$ Lumber supplies on hand, December $31,20$X$1$

C$.$ Insurance expired

D$.$ Depreciation for the year Problem $8-5$B

Name:

Section:

Date:

CALLAHAN LUMBER

WORKSHEET

FOR THE YEAR ENDED DECEMBER $31,20$X$1$

Prepare the worksheet.

Prepare the multi$-$step income statement, statement of owner$$s equity, and classified balance sheet.

Journalize and post adjusting and closing entries. $($Be sure to put beginning balances in the ledger first.$)$

Prepare a post$-$closing trial balance.

Journalize the reversing entry for wages.