Arnez Company's annual accounting period ends on December 31, 2019. The following information concerns the adjusting entries to be recorded as of that date. a. The Office Supplies account started the year with a $3,275 balance. During 2019, the company purchased supplies for $13,526, which was added to the Office Supplies account. The inventory of supplies available at December 31, 2019, totaled $2,882. b. An analysis of the company's insurance policies provided the following facts. 0 The following unadjusted trial balance is for Ace Construction Co. as of the end of its 2019 fiscal year. The June 30, 2018, credit balance of the owner's capital account was $59.400, and the owner invested $22,000 cash in the company during the 2019 fiscal year ACE CONSTRUCTION CO. Unadjusted Trial Balance June 30, 2019 No. Account Title Debit Credit 101 Cash $ 15,500 126 Supplies 8,500 128 Prepaid insurance 5,500 167 Equipment 150,960 168 Accumulated depreciation Equipment $ 24,500 201 Accounts payable 6,200 203 Interest payable 208 Rent payable 210 Wages payable 213 Property taxes payable 251 Long tern notes payable 24,000 301 V. Ace, Capital 81,400 302 V. Ace, withdrawals 25,000 401 construction fees earned 143,000 612 Depreciation expense-Equipment 623 Ware expense 44,000 63) Interest expense 2,640 637 Insurance expense 640 Rent expense 15,000 652 Supplies expense 683 Property taxes expense 4,200 684 Repairs expense 2,800 690 utilities expense 5,000 Totals $279,100 $279,100 D 0 Adjustments: 0. The supplies available at the end of fiscal year 2019 had a cost of $3,060 b. The cost of expired insurance for the fiscal year is $3,465 c. Annual depreciation on equipment is $8,100, d. The June utilities expense of $590 is not included in the unadjusted trial balance because the bill arrived after the trial balance was prepared. The $590 amount owed needs to be recorded e. The company's employees have earned $1,700 of accrued and unpaid wages at fiscal year-end f. The rent expense Incurred and not yet pald or recorded at fiscal year-end is $500. 9. Additional property taxes of $900 have been assessed for this fiscal year but have not been paid or recorded in the accounts. h. The $240 accrued interest for June on the long-term notes payable has not yet been pald or recorded Required: 1. Prepare a 10-column work sheet for fiscal year 2019, starting with the unadjusted trial balance and including adjustments based on the additional facts. The June 30, 2018, credit balance of the owner's capital account was $59,400, and the owner Invested $22,000 cash in the company during the 2019 fiscal year. 20. Prepare the adjusting entries (all dated June 30, 2019) 2b. Prepare the closing entries (all dated June 30, 2019) 3a. Prepare the income statement for the year ended June 30, 2019 3b. Prepare the statement of owner's equity for the year ended June 30, 2019. 3c. Prepare the classified balance sheet at June 30, 2019. Saud Help Save & Exit Submit ACE CONSTRUCTION CO Work Sheet For Year Ended June 30, 2010 Unadjusted Trial Balance Adjustments Income Statement DC CH Dr. C. Dr. Cr. Balance 5 olo Dr. 5 15 3 2 5 Adjusted Trial Balance Dr. CE 15,500 3.465 2035 142.800 $15.500 8,500 5,500 150.000 5.440 3465 24,500 6.200 Account Title Cash Supplies Prepaid insurance Equipment Accumulated depreciation Equipment Accounts payable interest payable Rent payable Wages payable Property taxes payable Long-term notes payable V Ace, Capital V. A. Withdrawals Construction to earned Depreciation expense Equipment Wages expense interest expense 24,000 81,400 25,000 143.000 44.000 2540 Saved Help Save & Exit Sub 24,000 81.400 25,000 143,000 Interest payable Rent payable Wages payable Property taxes payabla Long-term notes payable V. Ace, Capital V. Ace, Withdrawals Construction fees oamed Depreciation expense Equipment Wages expense Interest expense Insurance expense Rent expense Supplies expense Property taxes expense Repairs expense Utes expense Total Net Income Totals 44,000 2,640 15,000 4200 2,800 5,000 $ 279,100 $ 270,100 $ 0 58,905 5 163,500 5 0 0 21 05 05 21 Journal entry worksheet Annual depreciation on equipment is $8,100. Note: Enter debits before credits Transaction General Journal Debit Credit Record entry Clear entry View general Journal Journal entry worksheet -21 The June utilities expense of $590 is not included in the unadjusted trial balance because the bill arrived after the trial balance was prepared. The $590 amount owed needs to be recorded. Note: Enter debits before credits Transaction General Journal Debit Credit d. Record entry Clear entry View general journal View transaction list Journal entry worksheet Additional property taxes of $900 have been assessed for this fiscal year but have not been paid or recorded in the accounts, Note: Enter debits before credits. General Journal Debit Credit Transaction 9. Record entry Clear entry View general Journal Journal entry worksheet
