Need help for required 2B, please.
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 $58.700 on June 30 of the prior year, and the owner invested $21.000 cash during the current fiscal year. Credit Number 101 126 128 167 168 201 203 288 Debit $ 18,00 8.See 5,560 131,970 $ 21,000 6,400 @ @ @ 210 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 Wages expense Interest expense Insurance expense Rent expense Supplies expense Property taxes expense Repairs expense utilities expense Totals 23,00 79,700 213 251 381 382 483 612 623 633 637 640 32,500 132,000 41,880 2,530 11.ee 652 683 684 690 5,880 2,180 4.680 $ 262,180 $ 262,100 Adjustments: a. Supplies available at the end of the current fiscal year total $3.060. b. Cost of expired Insurance for the current fiscal year is $3.465. c. Annual depreciation on equipment is $8,300. d. June utilities expense of $530 is not included in the unadjusted trial balance because the bill arrived after the trial balance was prepared. The $530 amount owed must be recorded. e. Employees have earned $1.400 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. 9. Additional property taxes of $800 have been assessed for this fiscal year but have not been paid or recorded at fiscal year-end. h. $230 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 using 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. Income Statement Debit Credit Account Title Number 101 128 128 167 Balance Sheet and Statement of Owner's Equity Debit Credit S 18,000 3,080 2,035 131,970 29,300 6,930 168 201 203 230 208 210 213 251 301 302 403 812 ACE CONSTRUCTION COMPANY Work Sheet For Year Ended June 30 Unadjusted Trial Balance Adjustments Adjusted Trial Balance Debit Credit Debit Credit Debit Credit $ 18,000 $ 18,000 8.500 5,440 3,060 5,500 3.485 2,035 131.970 131,970 21,000 8,300 29,300 6,400 530 6.930 230 230 500 500 1,400 1,400 800 800 23,000 23.000 79.700 79,700 32,500 32,500 132,000 132.000 8,300 8,300 41,000 1,400 42.400 2.530 230 2.760 3.485 3.466 11,000 500 11,500 5,440 5.440 5,000 5,800 2.100 2.100 4,000 530 4,530 $ 262,100 S 262,100 $ 20,665 $ 20,665 $ 273,860 $ 273,880 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 500 1,400 800 23,000 79,700 32.500 132,000 623 633 637 840 652 883 684 690 8,300 42.400 2,760 3,465 11,500 5,440 5,800 2.100 4,530 86,295 800 132,000 187 565 141.880 Net Income Totals S 86,295 $ 132,000 $ 187,585 S 141.880 Required 1 Required 2A > Required 1 Required 2A Required 28 Required 3A Required 3B Required 30 Prepare the adjusting entries (all dated June 30). View transaction llat View Journal entry worksheet Transaction General Journal Credit No 1 Debit 5,440 a. Supplies expense Supplies 5.440 2 2 b. 3,465 Insurance expense Prepaid insurance 3,465 3 c. 8,300 Depreciation expense-Equipment Accumulated depreciation-Equipment 8,300 4 d. 530 Utilities expense Accounts payable 530 5 1,400 Wages expense Wages payable 1.400 6 f. 500 Rent expense Rent payable 500 1 7 g. 800 Property taxes expense Property taxes payable 800 8 h. 230 Interest expense Interest payable 230 Required 1 Required 2A Required 2B Required 3A Required 3B Required 3C Prepare the closing entries (all dated June 30). View transaction llat View journal entry worksheet No Date General Journal Debit Credit 1 June 30 Construction revenue 132,000 Income summary 132,000 2 June 30 Income summary Depreciation expense-Equipment Wages expense Interest expense Property taxes expense Insurance expense Rent expense Supplies expense Repairs expense Utilities expense 3 June 30 Income summary V. Ace, Capital 4 June 30 V. Ace. Capital V. Ace. Withdrawals
