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amework Problems: Accounting Cycle ... Saved Help Save & Ex Check GLO403 - Based on Problem 4-2A Ace Construction Co. LO C3, P1, P2 The unadjusted trial balance for Ace Construction Co. as of June 30, 2019, the end of its fiscal year, is found on the trial balance tab. The June 30, 2018, credit balance of the owner's capital account was $53,660, and the owner invested $35,000 cash in the company during the 2019 fiscal year. Information for adjustments is as follows: a. The supplies available at the end of fiscal year 2019 had a cost of $3,300. b. The cost of expired insurance for the fiscal year is $3,800. c. Annual depreciation on equipment is $8,400. d. The 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 needs to be recorded. e. The company's employees have earned $1,800 of accrued and unpaid 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 $1,000 have been assessed for this fiscal year but have not been paid or recorded in the accounts. h. The $250 accrued interest for June on the long-term notes payable has not yet been paid or recorded. Requirement General Journal General Ledger Trial Balance Income Statement St Owners Equity Balance Sheet Post Closing Prepare the required adjusting entries and closing entries for Ace Construction Company. Mail - Tyrone West X EN We are sorry, the p: X Connect 2469856 Messenger ucation.com/ext/map/index.html?_con=con&external browser=0&launchUrl=https%253A%252F%252Fbsuonline. blackboard.c ework Problems: Accounting Cycle ... i Saved View transaction list Journal entry worksheet The supplies available at the end of fiscal year 2019 had a cost of $3,300. Record the required adjusting entry, if any. Note: Enter debits before credits. Account Title Debit Date Jun 30 Credit Record entry Clear entry View general journal Prey 1 of 1 Next 4-Homework Problems: Accounting Cycle ... i Seved Saved ACE CONSTRUCTION CO. Income Statement For Year Ended June 30, 2019 Revenues: $ 0 0 Expenses 0 0 0 0 0 0 0 0 0 0 Net income $ 0 Homework Problems: Accounting Cycle ... Saved Unadjusted ACE CONSTRUCTION CO. Balance Sheet June 30, 2019 ASSETS Current assets: 0 0 0 0 Plant assets: LIABILITIES AND EQUITY Current liabilities: $ 0 mework Problems: Accounting Cycle ... i Saved LIABILITIES AND EQUITY Current liabilities: $ LA 0 0 0 0 0 0 $ $ 0 Noncurrent liabilities 0 Equity Unadjusted Included on Post-closing trial balance? Yes Type of Account Post-closing Trial Balance Dr. Cr. 18,500 Permanent Account 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 fees earned Depreciation expense - Equipment Wages expense Interest expense Interest payable Rent payable Wages payable Property taxes payable Long-term notes payable V. Ace, Capital V. Ace, Withdrawals Construction fees earned Depreciation expense - Equipment Wages expense Interest expense Insurance expense Rent expense Supplies expense Property taxes expense Repairs expense Utilities expense Totals $ 18,500 $ 0 The supplies available at the end of fiscal year 2019 had a cost of $3,300. Record the required adjusting entry, if any. Note: Enter debits before credits. Account Title Debit Date Jun 30 Credit Record entry Clear entry View general journal Prey 1 of 1 Next 4-Homework Problems: Accounting Cycle ... i Seved Saved ACE CONSTRUCTION CO. Income Statement For Year Ended June 30, 2019 Revenues: $ 0 0 Expenses 0 0 0 0 0 0 0 0 0 0 Net income $ 0 Homework Problems: Accounting Cycle ... Saved Unadjusted ACE CONSTRUCTION CO. Balance Sheet June 30, 2019 ASSETS Current assets: 0 0 0 0 Plant assets: LIABILITIES AND EQUITY Current liabilities: $ 0 mework Problems: Accounting Cycle ... i Saved LIABILITIES AND EQUITY Current liabilities: $ LA 0 0 0 0 0 0 $ $ 0 Noncurrent liabilities 0 Equity Unadjusted Included on Post-closing trial balance? Yes Type of Account Post-closing Trial Balance Dr. Cr. 18,500 Permanent Account 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 fees earned Depreciation expense - Equipment Wages expense Interest expense Interest payable Rent payable Wages payable Property taxes payable Long-term notes payable V. Ace, Capital V. Ace, Withdrawals Construction fees earned Depreciation expense - Equipment Wages expense Interest expense Insurance expense Rent expense Supplies expense Property taxes expense Repairs expense Utilities expense Totals $ 18,500 $ 0
