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Problem 4-2A Preparing a work sheet, adjusting and closing entries, and financial statements LO C3, P1, P2 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 558,700, and the owner invested $23,000 cash in the company during the 2017 fiscal year. ACE CONSTRUCTION CO. Unadjusted Trial Balance June 30, 2017 No. Account Title Debit Credit 101 Cash $ 18.000 126 Supplies 8.000 128 Prepaid insurance 5,000 167 Equipment 146,310 168 Accumulated depreciation-Equipment $ 26,500 201 Accounts payable 6,600 203 Interest payable 0 208 Rent payable 0 210 Wages payable 0 213 Property taxes payable 0 251 Long-term notes payable 29,000 301 V. Ace, Capital 81,700 302 V. Ace, Withdrawals 34.000 401 Construction fees earned 137,000 612 Depreciation expense-Equipment 0 623 Wages expense 43,000 633 Interest expense 3,190 637 Insurance expense 0 640 Rent expense 13,000 652 Supplies expense 0 683 Property taxes expense 4,300 684 Repairs expense 2.900 690 Utilities expense 3,100 Totals $ 280,800 $ 280,80C Adjustments: a. The supplies available at the end of fiscal year 2017 had a cost of $2,880. b. The cost of expired insurance for the fiscal year is $3,150. c. Annual depreciation on equipment is $8,800. d. The June utilities expense of $590 is not included in the unadjusted trial balance because the bill arrived after the trial balance was prepared. The $590 armount owed needs to be recorded. e. The company's employees have earned $1,300 of accrued wages at fiscal year-end. f. The rent expense incurred and not yet paid or recorded at fiscal year-end is $200. g. Additional property taxes of $500 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 $290 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.) ACE CONSTRUCTION CO. Work Sheet For Year Ended June 30, 2017 Unadjusted Trial Balance Adjusted Trial Balance Income Statement Adjustments Dr. Cr. Balance Sheet and Statement of Owner's Equity Dr. Cr. No Account Title Cr. Dr. Cr. Dr. Cr. $ $ Dr. $ 18,000 8,000 5,000 146.310 18,000 2,880 5,120 3,150 18,000 2,880 1,850 146,3101 1,850 146,3101 26.500 6,600 8,800 590 35,300 7,190 35,300 7,190 290 290 290 200 1,300 200 1,300 200 1,300 500 500 500 4,500 24.500 4,500 24,500 101 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 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 Totals 4,500 24,500 81,700 81,700 81,700 34.000 34,000 34,000 137,000 137,000 137,000 8,800 1,300 43,000 3,190 8,800 44.300 3,480 290 3,150 200 5,120 8,800 44,300 3,480 3,150 13,200 5,120 13.000 3,150 13.200 5.120 500 4,800 2.900 4,800 2.900 4,300 2,900 3.100 $ 280.800 590 19,950 $ 19,950 $ 3,690 292,480 $ 3,690 89,440 S 280.800 s 292.480 137,000 203,040 155,480 Net Income Totals $ 89,440 S 137,000 $ 203,040 $ 155,480 No Transation General Journal Debit Credit 1 a. 5,120 Supplies expense Supplies 5,120 2 b. 3,150 Insurance expense Prepaid insurance 3,150 3 C. 8,800 Depreciation expense-Equipment Accumulated depreciation-Equipment 8,800 4 d. 590 Utilities expense Accounts payable 590 5 e. 1,300 Wages expense Wages payable 1,300 6 f. 200 Rent expense Rent payable 200 7 g. 500 Property taxes expense Property taxes payable 500 8 h. 290 Interest expense Interest payable 290 Journal entry worksheet 1 2 4 Record the entry to close revenue accounts. Note: Enter debits before credits. Date General Journal Debit Credit Jun 30 Construction fees earned 137,000 Income summary 137,000 Record entry Clear entry View general journal Journal entry worksheet Record the entry to close expense accounts. Note: Enter debits before credits. Date General Journal Debit Credit Jun 30 89,440 8,800 Income summary Depreciation expense-Equipment Wages expense Interest expense Property taxes expense Insurance expense Rent expense Supplies expense Repairs expense Utilities expense 44,300 3,480 4,800 3,150 13,200 5,120 2,900 3,690 Journal entry worksheet