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Problem 4-2A (Algo) Preparing a work sheet, adjusting and closing entries, and financial 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 $54,200 on June 30 of the prior year, and the owner invested $22,000 cash during the current fiscat year. Credit Debit $ 17,500 8,000 6,500 141,360 ACE CONSTRUCTION COMPANY Unadjusted Trial Balance June 30 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. Ace. Withdrawals Construction revenue Depreciation expense-Equipment Number 101 126 128 167 168 201 203 208 210 213 251 301 302 483 612 $ 29,500 5,000 0 24,000 76,200 34,500 146,000 612 623 633 637 640 652 683 684 690 Depreciation expense-Equipment Wages expense Interest expense Insurance expense Rent expense Supplies expense Property taxes expense Repairs expense Utilities expense Totals 44,000 2,640 9 15,000 4,200 2,600 4,400 $ 280,700 $ 280,700 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 $4,095. c. Annual depreciation on equipment is $8,100. d. June utilities expense of $500 is not included in the unadjusted trial balance because the bill arrived after prepared. The $500 amount owed must be recorded. e. Employees have earned $2,000 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 $700 have been assessed for this fiscal year but have not been paid or recorde 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 $4,095. C. Annual depreciation on equipment is $8,100 a. June utilities expense of $500 is not included in the unadjusted trial balance because the bill arrived after the trial balance wins prepared. The $500 amount owed must be recorded. e. Employees have earned $2,000 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 stoc have been assessed for this fiscal year but have not been paid or recordectant focal year end #. $240 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 uradjusted trial balance and including adjustments using the above additional informations 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. ACE CONSTRUCTION COMPANY Balance Sheet June 30 Assets $ O Plant assets $ Total liabilities and equity Total liabilities and equity $ 0 $ 0 0 $ 0