ACE CONSTRUCTION COMPANY Unadjusted Trial Balance June 30 Number Account Title 101 Cash Debit Credit $...

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ACE CONSTRUCTION COMPANY Unadjusted Trial Balance June 30 Number Account Title 101 Cash Debit Credit $ 19,000 126 Supplies 7,000 128 Prepaid insurance 167 168 Equipment Accumulated depreciation-Equipment 201 Accounts payable 203 Interest payable 208 Rent payable 6,500 132,720 $ 21,000 5,800 e 210 Wages payable 213 Property taxes payable 251 Long-term notes payable 28,000 301 V. Ace, Capital 74,500 302 V. Ace, Withdrawals 34,000 403 Construction revenue 145,000 612 Depreciation expense-Equipment 623 Wages expense 47,000 633 Interest expense 3,080 637 Insurance expense 640 Rent expense 15,000 652 Supplies expense 683 Property taxes expense 4,400 684 Repairs expense 2,100 690 Utilities expense 3,500 $ 274,300 $ 274,300 Totals Adjustments: . Supplies available at the end of the current fiscal year total $2,520. b. Cost of expired insurance for the current fiscal year is $4,095. c. Annual depreciation on equipment is $8,500. d. June utilities expense of $590 is not included in the unadjusted trial balance because the bill arrived after the trial balance was prepared. The $590 amount owed must be recorded. e. Employees have earned $1,500 of accrued and unpaid wages at fiscal year-end. f. Rent expense incurred and not yet paid or recorded at fiscal year-end is $200. g. Additional property taxes of $1,000 have been assessed for this fiscal year but have not been paid or recorded at fiscal year-end. h. $280 of accrued interest for June has not yet been paid or recorded. Required: 1. Prepare a 10-column work sheet for the current fiscal year, starting with the unadjusted trial balance and including adjustments using the above additional information. 20. Prepare the adjusting entries (all dated June 30). 2b. Prepare the closing entries (all dated June 30). 3a. Prepare the income statement for the year ended June 30. 3b. Prepare the statement of owner's equity for the year ended June 30. 3c. Prepare the classified balance sheet at June 30. ACE CONSTRUCTION COMPANY Unadjusted Trial Balance June 30 Number Account Title 101 Cash Debit Credit $ 19,000 126 Supplies 7,000 128 Prepaid insurance 167 168 Equipment Accumulated depreciation-Equipment 201 Accounts payable 203 Interest payable 208 Rent payable 6,500 132,720 $ 21,000 5,800 e 210 Wages payable 213 Property taxes payable 251 Long-term notes payable 28,000 301 V. Ace, Capital 74,500 302 V. Ace, Withdrawals 34,000 403 Construction revenue 145,000 612 Depreciation expense-Equipment 623 Wages expense 47,000 633 Interest expense 3,080 637 Insurance expense 640 Rent expense 15,000 652 Supplies expense 683 Property taxes expense 4,400 684 Repairs expense 2,100 690 Utilities expense 3,500 $ 274,300 $ 274,300 Totals Adjustments: . Supplies available at the end of the current fiscal year total $2,520. b. Cost of expired insurance for the current fiscal year is $4,095. c. Annual depreciation on equipment is $8,500. d. June utilities expense of $590 is not included in the unadjusted trial balance because the bill arrived after the trial balance was prepared. The $590 amount owed must be recorded. e. Employees have earned $1,500 of accrued and unpaid wages at fiscal year-end. f. Rent expense incurred and not yet paid or recorded at fiscal year-end is $200. g. Additional property taxes of $1,000 have been assessed for this fiscal year but have not been paid or recorded at fiscal year-end. h. $280 of accrued interest for June has not yet been paid or recorded. Required: 1. Prepare a 10-column work sheet for the current fiscal year, starting with the unadjusted trial balance and including adjustments using the above additional information. 20. Prepare the adjusting entries (all dated June 30). 2b. Prepare the closing entries (all dated June 30). 3a. Prepare the income statement for the year ended June 30. 3b. Prepare the statement of owner's equity for the year ended June 30. 3c. Prepare the classified balance sheet at June 30.

Answer rating: 100% (QA)

ACE CONSTRUCTION COMPANY 1 Work Sheet Heres a 10column worksheet for ACE Construction Company Accoun... View the full answer