The following unadjusted trial balance is for Ace Construction Company at its June 30 current fiscal...
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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 $52,900 on June 30 of the prior year, and the owner invested $27,000 cash during the current fiscal year. ACE CONSTRUCTION COMPANY Unadjusted Trial Balance June 30 Number Account Title 101 Cash 126 Supplies 128 Prepaid insurance 167 168 201 Equipment Accumulated depreciation-Equipment Accounts payable 203 Interest payable 208 Rent payable 210 Wages payable 213 251 Property taxes payable Long-term notes payable Debit $ 19,500 Credit 8,000 5,000 154,130 $ 23,500 6,600 0 0 0 0 27,000 301 V. Ace, Capital 79,900 302 V. Ace, Withdrawals 26,000 403 Construction revenue 150,000 612 Depreciation expense-Equipment 0 623 Wages expense 45,000 633 Interest expense 2,970 637 Insurance expense 0 640 Rent expense 14,000 652 Supplies expense 0 683 Property taxes expense 4,500 684 Repairs expense 3,000 690 Utilities expense 4,900 Totals $ 287,000 $ 287,000 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 $3,150. c. Annual depreciation on equipment is $8,200. d. June utilities expense of $540 is not included in the unadjusted trial balance because the bill arrived after the trial balance was prepared. The $540 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 $600 have been assessed for this fiscal year but have not been paid or recorded at fiscal year-end. h. $270 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 2B Required 3A Required 3B 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 additional information. ACE CONSTRUCTION COMPANY Work Sheet For Year Ended June 30 Unadjusted Trial Balance Adjustments Adjusted Trial Balance Income Statement Number 101 Account Title Debit Credit Debit Credit Debit Credit Debit Credit Cash $ 19,500 126 Supplies 8,000 128 Prepaid insurance 5,000 167 Equipment 154,130 168 Accumulated depreciation-Equipment 23,500 201 Accounts payable 6,600 203 Interest payable 208 Rent payable 210 Wages payable 213 Property taxes payable 251 Long-term notes payable 27,000 301 V. Ace, Capital 79,900 302 V. Ace, Withdrawals 26,000 403 Construction revenue 150,000 612 Depreciation expense-Equipment 623 Wages expense 45,000 633 Interest expense 2,970 637 Insurance expense 640 Rent expense 14,000 652 Supplies expense 683 Property taxes expense 684 Repairs expense 690 Utilities expense Totals 4,500 3,000 4,900 $ 287,000 $ 287,000 Net Income Totals Balance Sheet and Statement of Owner's Equity Debit Credit 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 $52,900 on June 30 of the prior year, and the owner invested $27,000 cash during the current fiscal year. ACE CONSTRUCTION COMPANY Unadjusted Trial Balance June 30 Number Account Title 101 Cash 126 Supplies 128 Prepaid insurance 167 168 201 Equipment Accumulated depreciation-Equipment Accounts payable 203 Interest payable 208 Rent payable 210 Wages payable 213 251 Property taxes payable Long-term notes payable Debit $ 19,500 Credit 8,000 5,000 154,130 $ 23,500 6,600 0 0 0 0 27,000 301 V. Ace, Capital 79,900 302 V. Ace, Withdrawals 26,000 403 Construction revenue 150,000 612 Depreciation expense-Equipment 0 623 Wages expense 45,000 633 Interest expense 2,970 637 Insurance expense 0 640 Rent expense 14,000 652 Supplies expense 0 683 Property taxes expense 4,500 684 Repairs expense 3,000 690 Utilities expense 4,900 Totals $ 287,000 $ 287,000 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 $3,150. c. Annual depreciation on equipment is $8,200. d. June utilities expense of $540 is not included in the unadjusted trial balance because the bill arrived after the trial balance was prepared. The $540 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 $600 have been assessed for this fiscal year but have not been paid or recorded at fiscal year-end. h. $270 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 2B Required 3A Required 3B 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 additional information. ACE CONSTRUCTION COMPANY Work Sheet For Year Ended June 30 Unadjusted Trial Balance Adjustments Adjusted Trial Balance Income Statement Number 101 Account Title Debit Credit Debit Credit Debit Credit Debit Credit Cash $ 19,500 126 Supplies 8,000 128 Prepaid insurance 5,000 167 Equipment 154,130 168 Accumulated depreciation-Equipment 23,500 201 Accounts payable 6,600 203 Interest payable 208 Rent payable 210 Wages payable 213 Property taxes payable 251 Long-term notes payable 27,000 301 V. Ace, Capital 79,900 302 V. Ace, Withdrawals 26,000 403 Construction revenue 150,000 612 Depreciation expense-Equipment 623 Wages expense 45,000 633 Interest expense 2,970 637 Insurance expense 640 Rent expense 14,000 652 Supplies expense 683 Property taxes expense 684 Repairs expense 690 Utilities expense Totals 4,500 3,000 4,900 $ 287,000 $ 287,000 Net Income Totals Balance Sheet and Statement of Owner's Equity Debit Credit
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