IT SAYS ITS CORRECT BUT INCOMPLETE- NOT SURE WHAT IM MISSING??

The following unadjusted trial balance is for ACE CONSTRUCTION CO. as of the end of its 2017 fiscal year. The June 30, 2016, credit balance of the owner's capital account was $52,200, and the owner invested $28,000 cash in the company during the 2017 fiscal year. Credit Debit $ 19,000 7,500 5,500 136,040 $ 21,500 5,200 oo ACE CONSTRUCTION CO. Unadjusted Trial Balance June 30, 2017 No. Account Title 101 Cash 126 Supplies 128 Prepaid insurance 167 Equipment 168 Accumulated depreciation Equipment 201 Accounts payable 203 Interest payable 208 Rent payable 210 Wages payable 213 Property taxes payable 251 Long-term notes payable 301 V. Ace, Capital 302 V. Ace, Withdrawals 401 Construction fees earned 612 Depreciation expense-Equipment 623 Wages expense 633 Interest expense 637 Insurance expense 640 Rent expense 652 Supplies expense 683 Property taxes expense 684 Repairs expense 690 Utilities expense 26,000 80,200 29,000 132,000 0 40,000 2,860 0 14,000 0 4,400 2,100 4,500 $264,900 Totals $264,900 Adjustments: a. The supplies available at the end of fiscal year 2017 had a cost of $2,700. b. The cost of expired insurance for the fiscal year is $3,465. c. Annual depreciation on equipment is $8,900. d. The 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 needs to be recorded. e. The company's employees have earned $1,700 of accrued wages at fiscal year-end. f. The rent expense incurred and not yet paid or recorded at fiscal year-end is $500. g. Additional property taxes of $800 have been assessed for this fiscal year but have not been paid or recorded in the accounts. h. The long-term note payable bears interest at 12% per year. The unadjusted Interest Expense account equals the amount paid for the first 11 months of the 2017 fiscal year. The $260 accrued interest for June has not yet been paid or recorded. (The company is required to make a $4,500 payment toward the note payable during the 2018 fiscal year.) Required: 1. Prepare a 10-column work sheet for fiscal year 2017, starting with the unadjusted trial balance and including adjustments based on the additional facts. 2a. Prepare the adjusting entries. (all dated June 30, 2017). 2b. Prepare the closing entries. (all dated June 30, 2017): 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, 2017. ACE CONSTRUCTION CO. Work Sheet For Year Ended June 30, 2017 Unadjusted Trial Adjustments Dr. cr. Balance Dr. I cr. $ 19,000 Income Statement Dr. Cr. No. Account Title Adjusted Trial Balance Dr. cr. 19,000 2,700 101 Cash $ 7,500 4,800 5,500 3,465 2,035 136,040 136,040 Balance Sheet and Statement of Owner's Equity Dr. Cr. 19,000/ 2,700 2,035 136,040 30,400 5,740 260 500 1,700 8,900 21,500 5,200 540 126 Supplies 128 Prepaid insurance 167 Equipment 168 Accumulated depreciationEquipment 201 Accounts payable 203 Interest payable 208 Rent payable 210 Wages payable 213 Property taxes payable 220 Current portion of Long-term notes payable* 251 Long-term notes payable* 301 V. Ace, Capital 302 V. Ace, Withdrawals 260 500 1,700 800 30,400 5,740 260 500 1,700 800 4,500 21,500 80,200 800 4,500 21,500 80,200 4,500 21,500 80,200 29,000 29,000 29,000 132,000 401 Construction fees earned 132,000 132,000 612 Depreciation expense-Equipment 8,900 8,900 8,900 623 Wages expense 40,000 1,700 41,700 41,700 633 Interest expense 2,860 260 3,120 3,120 637 Insurance expense 3,465 3,465 3,465 Rent expense 14,000 500 14,500 14,500 652 Supplies expense 4,800 4,800 4,800 683 Property taxes expense 4,400 800 5,200 5,200 684 Repairs expense 2,100 2,100 2,100 690 Utilities expense 4,500 540 5,040 5,040| Totals $ 264,900 $ 264,900 $ 20,965 $ 20,965 $ 277,600 $ 277,600 88,825 Net Income 43,175 Totals $ 132,000 *Using item h above, the notes payable account is reclassified into current and long-term portions for the unadjusted trial balance columns of the work sheet. 132,000 188,775 145,600 43,175 188,775 $ 132,000 $ 188,775 $ No Transation General Journal Debit Credit 1 a. 4,800 Supplies expense Supplies 4,800 2 b. 3,465 Insurance expense Prepaid insurance 3,465 c. 8,900 Depreciation expense-Equipment Accumulated depreciationEquipment 8,900 4 d. 540 Utilities expense Accounts payable 540 e. 1,700 Wages expense Wages payable 1,700 500 Rent expense Rent payable 500 g. 800 Property taxes expense Property taxes payable 800 1 8 h. 260 Interest expense Interest payable 260 No Date General Journal Debit Credit Jun 30 Construction fees earned 132,000 Income summary 132,000 Jun 30 88,825 8,900 Income summary Depreciation expense-Equipment Wages expense Interest expense Insurance expense Rent expense 41,700 3,120 3,465 14,500 4,800 5,200 2,100 5,040 Supplies expense Property taxes expense Repairs expense Utilities expense Jun 30 Income summary 43,175 V. Ace, Capital 43,175 4 Jun 30 29,000 V. Ace, Capital V. Ace, Withdrawals 29,000 ACE CONSTRUCTION CO. Income Statement For Year Ended June 30, 2017 Revenues: Construction fees earned $ 132,000 Expenses: Depreciation expense-Equipment Wages expense $ Interest expense Insurance expense 8,900 41,700 3,120 3,465 14,500 4,800 5,200 2,100 Rent expense Supplies expense Property taxes expense Repairs expense Utilities expense 5,040 Total expenses Net income 88,825 43,175 | $ ACE CONSTRUCTION CO. Statement of Owner's Equity For Year Ended June 30, 2017 V. Ace, Capital, June 30, 2016 Add: Net income $ 43,175 Add: Owner investment 28,000 52,200 71,175 123,375 29,000 94,375 Less: Withdrawals V. Ace, Capital, June 30, 2017 ACE CONSTRUCTION CO. Balance Sheet June 30, 2017 Assets $ Current assets Cash Supplies Prepaid insurance 19,000 2,700 2,035 Total current assets $ 23,735 Plant assets Equipment Accumulated depreciation Equipment Total assets 136,040 (30,400) 105,640 129,375 $ Liabilities Current liabilities Accounts payable 5,740 260 Interest payable Rent payable 500 Wages payable Property taxes payable 1,700 800 $ 9,000 Total current liabilities Noncurrent liabilities Long-term notes payable 21,500 30,500 Total liabilities Equity V. Ace, Capital Total liabilities and equity 94,375 124,875 $