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please answer all the questions Problem 4 2A Preparing a work sheet, adjusting and closing entries, and financial statements c3 P1 P20 The following unadjusted
please answer all the questions
Problem 4 2A Preparing a work sheet, adjusting and closing entries, and financial statements c3 P1 P20 The following unadjusted trial balance is for Ace Construction Co, as of the end of its 2021 financial year. The June 30. 2020. credit balance of the owner's capital account was $53,660, and the owner invested $35,000 cash in the company during the 2021 financial year Credit Debit $ 18.500 9.900 7.200 132.000 $ 26,250 6.800 0 0 Unadjusted Trial Balance June 30, 2021 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 notos payable 301 V. Ace, Capital 302 V. Ace, Withdrawals 401 Construction foes 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 Totals 0 25,000 88,660 33,000 132.100 0 46.860 2.750 0 12.000 0 7.800 2910 5.890 $278.810 $278.810 Required 1. Prepare and complete a 10 column work sheet for financial year 2021. starting with the unadjusted trial balance and including adjustments based on these additional facts. 2. The supplies available at the end of financial year 2021 had a cost of $3.300 . The cost of expired insurance for the financial year is $3.300. 6. Annual depreciation on equipment is $5.400 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 $1.500 of accrued and unpaid wages at fiscal year end. t. The rent expense incurred and not yet paid or recorded at financial searend is $500 8. Additional property taxes or $1.000 have been assessed for this financial year but have not been paid or recorded in the accounts. The $250 accrued interest for Juse on the long-term notes payable has not yet been paid or recorded 2. Using information from the completed 10column worksheet in part 1. journalize the adjusting entries and the closing entries 3. Prepare the income statement and the statement of changes in equity for the year ended Jane 30 and the classified balance sheet at June 30.2021. Check (1) Foet profit, $10.990; Total assets, $122.550 Current attir, 571.000 Step by Step Solution
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