Chapter 4

The unadjusted trial balance for Ace Construction Co as of June 30, 2017. the end of its fiscal year, is found on the trial balance tab. June 30, 2016, credit balance of the owner's capital account was $53,660, and the owner invested $35,000 cash in the company during the 2017 fiscal year Information for edjustments is as follows a. The supplies available at the end of fiscal year 2017 had a cost of $3,300 b. The cost of expired insurance for the fiscal year is $3,800 Skipped d. The June utilities expense of 5650 is not included in the unadjusted trial balance because the bil arrived after the trial balance was prepared. The $650 amount owed needs to be recorded e. The company's employees have earned $1,800 of accrued wages at fiscal year end f. The rent expense incurred and not yet paid or recorded at fiscal year-end is $500 g. Additional property taxes of $1,000 have been assessed for this fiscal year but have not been paid or recorded in the accounts h. The long term note payable bears interest at 12% per year The unadjusted Interest Expense account equals the amount paid for the first 11 months of the 2017 fiscal year. The $250 accrued interest for June has not yet been paid or recorded. (The company s required to make a $5,000 payment toward the note payable during the 2018 fiscal year) CedgenTil alance statcoBance Sheet oboan Requirement Journal Trial Balance Equty Balance Sheet Ledger General Journal tab Prepare any necessary adjusting and closing entries for the current fiscal year General Ledger tab - Each journal entry is posted automatically to the general ledger. Use the drop-down button to view the unadjusted, adjusted, or post closing balances Trial Balance tab- You may view the unadjusted, adjusted, or post-closing trial balances by choosing from the dropdown box below. Your choice will determine the reported values on the financial statement tabs. Income Statement tab - Use the drop-downs to select the accounts properly included on the income statement. The unadjusted, adjusted or post-closing balances will appear for each account, based on your selection