Answered step by step
Verified Expert Solution
Question
1 Approved Answer
ACE CONSTRUCTION COMPANY Unadjusted Trial Balance June 30 Number Account Title 101 Cash 126 Supplies Debit $ 18,500 9,900 Credit 128 Prepaid insurance 167 168
ACE CONSTRUCTION COMPANY Unadjusted Trial Balance June 30 Number Account Title 101 Cash 126 Supplies Debit $ 18,500 9,900 Credit 128 Prepaid insurance 167 168 201 Equipment Accumulated depreciation-Equipment Accounts payable 7,200 132,000 $ 26,250 6,800 203 Interest payable 208 Rent payable 210 Wages payable 213 Property taxes payable 251 Long-term notes payable 25,000 301 V. Ace, Capital 88,660 302 403 V. Ace, Withdrawals 33,000 Construction revenue 132,100 612 Depreciation expense-Equipment 623 Wages expense 46,860 633 Interest expense 2,750 637 Insurance expense 0 640 Rent expense 12,000 652 Supplies expense 0 683 Property taxes expense 7,800 684 Repairs expense 2,910 690 Utilities expense 5,890 Totals. $ 278,810 $ 278,810 es Adjustments: 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 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 usin 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
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started