GL0403 (Static) - Based on Problem 4-2A Ace Construction Company LO C1, P1, P2 The unadjusted trial balance for Ace Construction Company at its June 30 current fiscal year-end, is found on the trial balance tab. The credit balance of the V. Ace, Capital account was $53,660 on June 30 of the prior year, and the owner invested $35,000 cash during the current fiscal year. Information for adjustments is as follows: 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. Requirement General Journal General Ledger Trial Balance Income Statement St Owners Equity Balance Sheet Post Closing View transaction list View journal entry worksheet No Date Account Title Debit Credit 1 Jun 30 1,650 Supplies expense Supplies 1,650 2 2 Jun 30 3,800 Insurance expense Prepaid insurance 3,800 3 Jun 30 8,400 Depreciation expense - Equipment Accumulated depreciation - Equipment 8,400 4 Jun 30 650 Utilities expense Accounts payable 650 INI 5 Jun 30 1,800 Wages expense Wages payable 1,800 6 Jun 30 500 Rent expense Rent payable 500 1 7 Jun 30 1,000 Property taxes expense Property taxes payable 1,000 8 Jun 30 250 Interest expense Interest payable 250 i 9 Jun 30 132,100 Construction revenue Income summary 132,100 10 Jun 30 100,210 Income summary Depreciation expense - Equipment Wages payable Interest expense Property taxes expense Insurance expense Rent expense Supplies expense Repairs expense Utilities expense 8,400 48,660 3,000 7,800 3,800 12,500 6,600 2,910 6,540 11 Jun 30 100,210 Income summary V. Ace, Capital 100,210 12 Jun 30 No journal entry required Post-closing General Ledger Account Cash Supplies No. Date Debit Credit No. Date Debit Credit Balance 18,500 Jun 30 Jun 30 Jun 30 Balance 9,900 8,250 1 1,650 Prepaid insurance Equipment No. Date Debit Credit No. Date Debit Credit Balance Balance 7,200 Jun 30 Jun 30 132,000 2 Jun 30 3,800 3,400 Accumulated depreciation - Equipment Accounts payable No. Date Debit Credit No. Date Debit Credit Balance 26,250 34,650 Jun 30 Jun 30 Jun 30 Balance 6,800 7,450 3 8,400 4 Jun 30 650 Interest payable Rent payable No. Date Debit Credit Balance No. Date Debit Credit Balance 0 0 Jun 30 Jun 30 Jun 30 Jun 30 8 250 250 6 500 500 Wages payable Property taxes payable No. Date Debit Credit Balance No. Date Debit Credit Balance 0 Jun 30 Jun 30 Jun 30 Jun 30 0 1,000 5 1,800 1,800 7 Jun 30 1,000 10 48,660 50,460 Long-term notes payable V. Ace, Capital No. Date Debit Credit Balance No. Date Debit Credit Balance Jun 30 25,000 Jun 30 Jun 30 88,660 188,870 11 100,210 V. Ace, Withdrawals Construction revenue No. Date Debit Credit No. Date Debit Credit Balance Balance 33,000 Jun 30 132,100 Jun 30 Jun 30 9 132,100 0 Depreciation expense - Equipment Wages expense Debit Credit No. Debit Credit Balance No. Date Jun 30 Date Jun 30 0 Balance 46,860 48,660 3 8,400 8,400 5 Jun 30 1,800 Jun 30 Jun 30 10 8,400 0 Insurance expense Interest expense Debit Credit No. No. Date Debit Credit Balance Date Jun 30 Jun 30 Balance 2,750 3,000 0 3,800 8 250 Jun 30 Jun 30 Jun 30 3,800 2 10 10 Jun 30 3,000 0 3,800 0 Rent expense Supplies expense Debit Credit No. Date Debit Credit Balance No. Date Balance Jun 30 Jun 30 0 6 500 12,000 12,500 0 1 Jun 30 Jun 30 1,650 Jun 30 Jun 30 1,650 (4,950) 10 12.500 10 6,600 Property taxes expense Debit Credit Repairs expense Debit Credit No. No. Date Date Jun 30 Jun 30 Balance 2,910 Jun 30 Balance 7,800 8.800 1,000 7 1,000 10 Jun 30 2,910 0 10 Jun 30 7,800 Utilities expense Income summary No. Date Debit Credit No. Date Debit Credit Balance Jun 30 Jun 30 Balance 5,890 6,540 4 650 9 132,100 Jun 30 Jun 30 Jun 30 Jun 30 10 Jun 30 6,540 0 10 100,210 100,210 (132, 100) (31,890) 68,320 11 Requirement General Journal General Ledger Trial Balance Income Statement St Owners Equity Balance Sheet Post Closing You may view either the unadjusted, adjusted, or post-closing trial balance by choosing from the drop-down box below. Your choice will determine the reported values on the financial statement tabs. Post-closing ACE CONSTRUCTION CO. Trial Balance June 30, 2021 Account Title Debit Credit Cash $ 18,500 8,250 3,400 132,000 34,650 7,450 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. Ace, Withdrawals Wages expense Supplies expense Property taxes expense Income summary Total 250 500 50,460 1,000 25,000 188,870 33,000 48,660 4,950 1,000 68,320 313,130 $ $ 313,130 Post-closing ACE CONSTRUCTION CO. Income Statement For Year Ended June 30 Revenues: Income summary $ 68,320 0 Total revenues $ 68,320 Expenses: Accumulated depreciation - Equipment Wages expense 34,650 48,660 Interest expense 0 0 Rent expense Supplies expense Property taxes expense Repairs expense (4,950) 1,000 0 Utilities expense 0 0 0 Total expenses 79,360 (11,040) Net loss $ Requirement General Journal General Ledger Trial Balance Income Statement St Owners Equity Balance Sheet Post Closing The unadjusted or adjusted balances will appear for each item, based on your selection. If post-closing is selected, only ending capital will be displayed. Post-closing ACE CONSTRUCTION CO. Statement of Owner's Equity For Year Ended June 30 $ 53,660 V. Ace, Capital, June 30 prior year Add: Investments by owner $ 135,210 135,210 188,870 Less: Withdrawals by owner 33,000 Net loss 11,040 (44,040) 144,830 V. Ace, Capital, June 30 current year $ Requirement General Journal General Ledger Trial Balance Income Statement St Owners Equity Balance Sheet Post Closing Use the drop-downs to select the accounts properly included on the balance sheet. The unadjusted, adjusted, or post-closing balances will appear for each account, based on your selection. Post-closing ACE CONSTRUCTION CO. Balance Sheet June 30 ASSETS Current assets: $ 0 0 0 0 Plant assets: LIABILITIES AND EQUITY Current liabilities: $ 0 0 0 0 0 0 $ 0 Noncurrent liabilities 0 Equity Requirement General Journal General Ledger Trial Balance Income Statement St Owners Equity Balance Sheet Post Closing Begin by selecting "Post-closing" from the drop-down below. Then, for each account, use the drop-down to indicate whether the account is included on the post-closing trial balance. Based on your decisions, the post-closing trial balance will be created. Compare your results with the Trial Balance tab. Post-closing Post-closing Trial Balance Included on Post-closing trial balance? Type of Account Account Dr. Cr. 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. Ace, Withdrawals Construction revenue Depreciation expense - Equipment Wages expense Interest expense Insurance expense Rent expense Supplies expense Property taxes expense Repairs expense Utilities expense Totals $ 0 $ 0