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. Account Balances Using the ledger balances and additional data given, do the following for Millis Lumber for the year ended December 31,202X : View the account balances. View the additional data. Read the recuirements Requirement a. Prepare the worksheet. Complete the worsheet one section at a time, beginning with the Trial Balance columns. For the Adjustments columns, key the adjustments using the transaction letters (A, B, C, etc.) as the corresponding posting references. For the Income Statement and Balance Sheet columns, remember to include the net income or loss after the totals and then total the columns again. (Abbreviations used: Acc. Dep. = Accumulated Depreciation; Allow. = Allowances, Dep. Exp. = Depreciation Expense; Equip. = Equipment) Requirement b. Prepare the income statement, statement of owner's equity, and balance sheet. Begin with the income statement. Review the worksheet you prepared above. Millis Lumber Income Statement For the Year Ended December 31, 202X Revenue: Operating Expenses: Total Operating Expenses Net Income (Loss) Prepare the statement of owner's equity. Review the worksheet you prepared above. Prepare the balance sheet. Prepare the Assets section of the statement in this step, and then the Liabilities and Owner's Equity sections in the following step. Review the worksheet you prepared above. Requirement c. Journalize and post adjusting and closing entries. (Be sure to put beginning balances in the ledger first.) Begin by journalizing the adjusting and closing entries. We will start with the adjusting entries. (Record debits first, then credits. Exclude explanations from journal entries.) Post adjusting and closing entries. Be sure to put beginning unadjusted balances as of December 31,202X in the ledger first. (If more than one entry is required to post to sting an entry, leave the balance columns blank. Do not enter a 0 . For sbove. d. Prepare a post-closing trial balance. Review the ledger accounts you prepared above. Millis Lumber Total e. Journalize the reversing entry for wages. (Record debits first, then credits. Exclude explanations from journal entries.) Review the adjusting and closing entries you prepared above