Problem 4-2A (Algo) Preparing a work sheet, adjusting and closing entrles, and financlal 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 $57,600 on June 30 of the prior year. and the owner invested $21,000 cash during the current fiscal year. Adjustments: a. Supplies available at the end of the current fiscal year total $2,880 b. Cost of expired insurance for the current fiscal year is $3,465. c. Annual depreciation on equipment is $9.000. d. June utilities expense of $520 is not included in the unadjusted trial balance because the bill arrived after the trial balance was prepared. The $520 amount owed must be recorded. e. Employees have earned $1,100 of accrued and unpaid wages at fiscal year-end. 1. Rent expense incurred and not yet paid or recorded at fiscal year-end is $300. g. Additional property taxes of $600 have been assessed for this fiscal year but have not been paid or recorded at fiscal yearend. h. $260 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 ). 3.. 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 . 1 Record the required adjusting entry, if any. Supplies available at the end of the current fiscal year total $2,880. 2 Record the required adjusting entry, if any. Cost of expired insurance for the current fiscal year is $3,465 3 Record the required adjusting entry, if any. Annual depreciation on equipment is $9,000. Record the required adjusting entry, if any. June utilities expense of $520 is not included in the unadjusted trial balance because the bill arrived after the trial balance was prepared. The $520 amount owed must be recorded. 5 Record the required adjusting entry, if any. Employees have earned $1,100 of accrued and unpaid wages at fiscal year-end. 6 Record the required adjusting entry, if any. Rent expense incurred and not yet paid or recorded at fiscal year-end is $300. Record the required adjusting entry, if any. Additional property ta e5 of $500 have been assessed for this fiscal year but have not been 8 Record the required adjusting entry, if any. $260 of accrued interest for June has not yet been paid or recorded. Journal entry worksheet Record the required adjusting entry, if any. Supplies available at the end of the current fiscal year total $2,880. Note: Enter debits defore credits. 1 Record the entry to close the revenue account(s). 2 Record the entry to close the expense account(s). 3 Record the entry to close the Income summary account. 4 Record the entry to close the withdrawals account. Journal entry worksheet Record the entry to close the revenue account(s). Note: Enter debits before credits. Required 1 Required 2A Required 2B Required 3A Required 3E Prepare the income statement for the year ended June 30. ACE CON STRUCTION COMPANY Income Statement For Year Ended June 30 Revenues: Expenses: Prepare the statement of owner's equity for the year ended June 30 . Prepare the classified balance sheet at June 30 . 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 $57,600 on June 30 of the prior year, and the owner invested $21,000 cash during the current fiscal year. Adjustments: 2. Supplies availabie at the end of the current fiscal year total $2,880. b. Cost of expired insurance for the current fiscal year is $3,465. c. Annual depreciation on equipment is $9.000. d. June utilities expense of $520 is not included in the unadjusted trial balance because the bill arrived after the trial balance was prepared. The $520 amount owed must be recorded. c. Empioyees have earned $1,100 of accrued and unpaid wages at fiscal yearend. 4. Rem expense incurred and not yet paid or recorded at fiscal yearend is $300. 2. Additional property taxes of $600 have been assessed for this fiscal year but have not been paid or recorded at fiscal year end. h. $260 of accrued imterest 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 inclueing adjustimenas waing the above additional information 20. Prepare the adjusting entries (all dated June 30) 2h. 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 baiance sheet at June 30