1.42 points Skipped Problem 4-2A (Algo) Preparing a work sheet, adjusting and closing entries, and financial statements LO C1, P1, P2 The following unadjusted trial balance is for Ace Construction Company at its June 30 current fiscal year-end. The credit balance of the V. Ace, Capital account was $55,900 on June 30 of the prior year, and the owner invested $27,000 cash during the current fiscal year. Account Title Cash ACE CONSTRUCTION COMPANY Unadjusted Trial Balance June 30 Number 101 eBook 126 Supplies - 128 Prepaid insurance 167 Equipment 168 Accumulated depreciation-Equipment Print 201 Accounts payable Debit Credit $17,000 10,000 6,000 151,220 $ 20,500 5,000 203 Interest payable 0 200 Rent payable 0 210 Wages payable 0 References 213 Property taxes payable 0 251 Long-term notes payable 28,000 301 V. Ace, Capital 82.900 302 V. Ace, Withdrawals 28,500 403 Construction revenue 139,000 612 Depreciation expense-Equipment 0 623 46,000. 633 Interest expense 3,000 637 Insurance expense 0 640 Reat expense 10,000 652 Supplies expense 0 683 Property taxes expense 4,500 604 Repairs expense 2,500 690 Utilities expense Totals $283,400 4,600 $203,400 Adjustments: 6 42 points Skipped eBook Print References a. Supplies available at the end of the current fiscal year total $3,600. b. Cost of expired insurance for the current fiscal year is $3,780. c. Annual depreciation on equipment is $8,200. 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 $1,900 of accrued and unpaid wages at fiscal year-end. f. Rent expense incurred and not yet paid or recorded at fiscal year-end is $100. g. Additional property taxes of $900 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. 2a. 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. Complete this question by entering your answers in the tabs below. Required 1 Required 2A Required 28 Required 3A Required 38 Required 3C Prepare a 10-column work sheet for the current fiscal year, starting with the unadjusted trial balance and including adjustments using the above add ACE CONSTRUCTION COMPANY Work Sheet For Year Ended June 30 Unadjusted Trial Balance Adjustments. Number Account Title Debit Credit Debit Credit Adjusted Trial Balance: Debit Income State Credit Debit Unadjusted Trial Debit Balance ACE CONSTRUCTION COMPANY Work Sheet For Year Ended June 30 Adjustments Adjusted Trial Balance Credit Debit Credit Debit Credit Number Account Title 101 Cash $ 17,000 126 Supplies 10,000 128 Prepaid insurance. 6,000 167 Equipment 151,220 168 Accumulated depreciation-Equipment 28,500 201 Accounts payable 5,000 203 Interest payable 208 Rent payable 210 Wages payable 213 Property taxes payable 2511 Long-term notes payable 301 V. Ace, Capital 302 V. Ace, Withdrawals 403 Construction revenue 28,000 82,900 28,500 139,000 612 Depreciation expense-Equipment 623 Wages expense 46,000 633 Interest expense 3,080 637 Insurance expense 640 Rent expense 10,000 652 Supplies expense 683 Property taxes expense 4,500 684 Repairs expense 2,500 690 Utilities expense 4,600 < Prev 6 of 9 Next 151,220 167 Equipment 168 Accumulated depreciation-Equipment 28,500 5,000 201 Accounts payable 203 Interest payable 208 Rent payable 210 Wages payable 213 Property taxes payable 251 Long-term notes payable 301 V. Ace, Capital 302 V. Ace, Withdrawals 403 Construction revenue 28,000 82,900 28,500 139,000 612 Depreciation expense-Equipment 623 Wages expense 46,000 633 Interest expense 3,080 637 Insurance expense 640 Rent expense 10,000 652 Supplies expense 683 Property taxes expense 4,500 684 Repairs expense 2,500 690 Utilities expense 4,600 Totals $283,400 $ 283,400 $ 0 $ Net Income Totals < Re