Question

Can anyone please help me with this whole question? I’ve only gotten partial answers that don’t match

the ledger balances and additional data given, do the following for ew Lumber for the year ended December 31, 201x. 1. Prepare the worksheet nent of owner's equity, and balance Check F Net inc sheet. lournalize and post adjusting and closing entries. (Be sure to put begin ning balances in the ledger first.) 4. Prepare a post-closing trial balance. 5. Journalize the reversing entry for wages accrued Account Balances of Crew Lumber Acct. No. Cash Accounts Receivable Merchandise Inventory Lumber Supplies Prepaid Insurance Lumber Equipment Acc. Dep., Lumber Equipment Accounts Payable Wages Payable J. Crew, Capital J. Crew, Withdrawals Income Summary Sales Sales Returns and Allowances Purchases Purchases Discount Purchases Returns and Allowances280 Wages Expense Advertising Expense Rent Expense Dep. Exp., Lumber Equipment Lumber Supplies Expense Insurance Expense 1,340 1,210 4,350 275 215 3,300 470 1,170 112 113 114 121 122 220 221 330 331 332 440 441 550 551 552 660 8,405 3,300 22,400 190 15,200 235 2,390 350 840 661 662 663 664 665 Additional Data

Answer 1

Crew Lumber Adjusting Enteries Event Particulars Debit in $ Credit in $ a. Income Summary a/c Dr. 4350 To Invento 4350 b. Inventory a/c Dr. 5300 To Income Summa 5300 c. Lumber supplies expense a/c Dr 210 To Lumber Supplies 210 d. Insurance expense a/c Dr. 150 To Prepaid Insurance 150 e. Depreciation expense - Lumber Equip. a/c Dr 240 To Accum. Depre.Lumber Equi 240 f. Wages Expense a/c 65 To Wages Payable 65 Closing Enteries Date Particulars 31.12.201X Income Summary a/c Debit in $ Credit in $ Dr. 19120 To Sales Return and Allowances To Purchases To Purchases Discount To Purchase Returns and Allowances To Wages Expense To Advertising Expense To Rent Expense To Depreciation expense Lumber Equi To Lumber supplies expense To Insurance expense 190 15200 235 280 2455 350 840 240 210 150 31.12.201X Sales a/c 22400 To Income Summa 22400 31.12.201X Income Summary a/c 4230 To J.Crew Capital 4230 31.12.201X J.Crew Capital a/c 3300 To J.Crew Withdrawals 3300

Worksheet For the period ending 31.12.201X Unadjusted Adjustment Adjusted TB Income Statement Balance Sheet Post Closing Particulars Debit in $ Credit in $ Debit in $ Credit in $ Debit in $Credit in $ Debit in $Credit in $ Debit in Credit in $ Debit in $ Credit in $ 1340 1210 4350 275 1340 1210 5300 65 Accounts Receivable Merchandise Inventory Lumber Supplies Prepaid Insurance Lumber Equipment Accum. Depre.Lumber Equip Accounts Payable Wages Payable J.Crew Capital J.Crew Withdrawals Income Summary Sales Sales Return and Allowances Purchases Purchases Discount Purchase Returns and Allowances Wages Expense Advertising Expense Rent Expense Depreciation expense Lumber Equip Lumber supplies expense Insurance expense Totals Net Income 1210 1210 5300 5300 5300 4350 210 150 65 3300 65 3300 3300 3300 470 710 1170 240 710 1170 1170 1170 8405 9335 3300 3300 3300 4350 950 22400 5300 4230 22400 22400 190 190 15200 15200 15200 235 235 235 280 2390 2455 2455 350 350 350 240 210 150 10315 240 210 150 19635 3280 210 32960 32960 10315 34215 34215 22915 14580 14580 11280 11280

Statement of Income For the period ending 31.12.201X Sales Sales Return and Allowances Net Sales 22400 190 22210 Less: Cost of goods sold Purchases Purchases Discount Purchase Returns and Allowances Gross Profit 15200 235 280 14685 7525 Wages Expense Advertising Expense Rent Expense Depreciation expense - Lumber Equip Lumber supplies expense Insurance expense Net Income 2455 350 840 240 210 150 4245 3280 Statement of Owner's Equity For the period ending 31.12.201X .Crew Capital Add Net Income 8405 4230 (3280+950) 12635 Less:J.Crew Withdrawals 3300 9335

Balance sheet As at 31.12.201X Assets Current Assets Cash Accounts Receivable Merchandise Inventory Lumber Supplies Prepaid Insurance Amounts in$ Amounts in $ Liabilities Amounts in Amounts in $ Current Liabilities Accounts Payable Wages Payable 1340 1210 5300 65 65 1170 65 1235 7980 Owner's Equity J.Crew Capital 9335 Non Current Assets Lumber Equipment Accum. Depre.Lumber Equip Total Assets 3300 710 2590 10570 Total Liabilities 10570