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Work Sheet For Year Ended June 30, 2017 Unadjusted Trial Balance Adjustments Dr. CK Income Statement Cr. Balance 5 of OM Dr. DE $ Dr. 5 17.500 7.500 6,500 141.640 Adjusted Trial Blanes Dr. CE 17.500 2.700 2005 141.640 4,800 4.095 23.000 5.800 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 220 Current portion of Long-term notes payable 251 Long-term notes payable 301 V. Ace, Capital 302 V. Ace, Withdrawals 401 Construction teeseemed 612 Depreciation expense --Equipment 623 Wages expense 633 Interest expense 637 Insurance expense 8.600 510 260 300 2,000 31.600 6.310 260 300 2.000 900 5,000 5.000 21,000 89,000 34,500 21.000 900 34,500 142.000 3.120 142.000 49,000 2.860 8,600 2.000 2001 4,0957 15,300 4,800 Prev 1 of 2 DEE Next > Work Shoet For Year Ended June 30, 2017 stod Trial lance Adjusted Trial Balance Income Statement Adjustments Dr. Cr. Balance Sheet and Statement of Owner's Equity Dr. Cr. Cr Dr. Cr. Dr. Cr. $ 4,800 4,095 17,500 2,700 2,405 141,640 23,000 5,800 8,600 510 260 300 2,000 31,600 6,310 260 300 2,000 5,000 21,000 900 900 5,000 21,000 89,000 34,500 142,000 3,120 142,000 8,600 2,000 260 4,095 15,300 4,8001 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 $60,000, and the owner invested $29,000 cash in the company during the 2017 fiscal yea ACE CONSTRUCTION CO. Unadjusted Trial Balance June 30, 2017 No. Account Title Debit Credit 101 Cash $ 17,500 126 Supplies 7,500 128 Prepaid insurance 6,500 167 Equipment 141,640 168 Accumulated depreciation-Equipment $ 23,000 201 Accounts payable 5,8ee 203 Interest payable 208 Rent payable 210 Wages payable 213 Property taxes payable 251 Long-term notes payable 26,000 301 V. Ace, Capital 89,000 302 V. Ace, Withdrawals 34,500 401 Construction fees earned 142,000 612 Depreciation expense-Equipment 623 Wages expense 49,000 633 Interest expense 2,860 637 Insurance expense @ 640 Rent expense 15,000 652 Supplies expense 683 Property taxes expense 4,900 684 Repairs expense 2,300 690 Utilities expense 4,100 Totals $285,800 $285,800 a. The supplies available at the end of fiscal year 2017 hod a cost of $2,700. b. The cost of expired insurance for the fiscal year is $4,095 c. Annual depreciation on equipment is $8,600, d. The June utilities expense of $510 is not included in the unadjusted trial balance because the bill arrived after the trial balance was prepared. The $510 amount owed needs to be recorded. e. The company's employees have earned $2,000 of accrued wages at fiscal year-end. t. The rent expense incurred and not yet paid or recorded at fiscal year-end is $300, 9. Additional property taxes of $900 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 $5,000 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 Complete thlon ACE CONSTRUCTION CO. Balance Sheet June 30, 2017 Assets Current assets Cash $ Supplies Prepaid insurance 17,500 2,700 2,405 $ 22,605 Total current assets Plant assets Equipment Accumulated depreciation-Equipment Total assets Liabilities 141,640 (31,600) 110,040 132,645 Current liabilities 6,310 260 Accounts payable Interest payable Rent payable Wages payable Property taxes payable Current portion of Long-term notes payable 300 2,000 900 5,000