Problem $3-8$A Preparing a work sheet, adjusting and closing entries, and financial

statements C$2$ P$1$ P$2$ P$3$ P$4$ P$5$ P$6$ P$7$ P$8$

The following unadjusted trial balance is for Ace Construction Co$.$ at its June $30$ current fiscal year$-$end. Thecredit balance of the Retained Earnings account was $$78,660$ on June $30$ of the prior year.

Unadjusted Trial Balance June $30$

$\backslash$table$[[$No$.,$Account Title,Dabit,Credit$],[101,$Cash,$18,500,],[126,$Supplies,$9,900,],[128,$Prepaid insurance,$13,200,],[167,$Equipment,,$],[168,$Accumulated depreciation$-$Equipment,,$0],[201,$Accounts payable,,$0],[203,$Interest payable,,$0],[208,$Rent payable,,$26,250],[210,$Wages payable,,$10,000],[213,$Property taxes payable,,$78,660],[251,$Long$-$term notes payable,,$],[307,$Common stock,$33,000,],[318,$Retained earnings,,$132,100],[319,$Dividends,$46,860,],[403,$Construction revenue,$2,750,],[612,$Depreciation expense$-$Equipment,$0,],[623,$Wages expense,$12,000,],[633,$Interest expense,$0,],[637,$Insurance expense,$7,800,],[640,$Rent expense,$2,910,],[652,$Supplies expense,$5,890,],[683,$Property taxes expense,$$278,810,$$$278,810$

Required

$1.$ Prepare and complete a $10-$column work sheet for the current fiscal year, starting with the

unadjusted trial balance and including adjustments using the following additional information.

a$.$ Supplies available at the end of the current fiscal year total $$3,300.$

b$.$ Cost of expired insurance for the current fiscal year is $$3,800.$

c$.$ Annual depreciation on equipment is $$8,400.$

d$.$ June utilities expense of $$650$ is not included in the unadjusted trial balance because the bill arrived

after the trial balance was prepared. The $$650$ amount owed must be recorded.

e$.$ Employees have earned $$1,800$ of accrued and unpaid wages at fiscal year$-$end.

f$.$ 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 at fiscal year$-$end.

h$.$ $$250$ accrued interest for June has not yet been paid or recorded.

$2.$ Using information from the completed $10-$column work sheet in part $1,$ journalize the adjusting

entries and the closing entries.

$3.$ Prepare the income statement and the statement of retained earnings for the year ended June

$30$ and the classified balance sheet at June $30.$

Check $(3)$ Net income, $$30,890$; Total assets, $$122,550$; Current liabilities, $$11,000$