Preparing a work sheet, adjusting and closing entries, and financial statements C1 P1 P2 The following unadjusted trial balance is for Ace Construction Co. at its June 30 current fiscal year-end. The credit balance of the V. Ace, Capital account was $53,660 on June 30 of the prior year, and the owner invested $35,000 cash during the current fiscal year. Credit Unadjusted Trial Balance June 30 No. Account Title Debit 101 Cash $ 18.500 126 Supplies 9.900 128 Prepaid insurance 7.200 167 Equipment 132,000 168 Accumulated depreciation - Equipment 201 Accounts payable 203 Interest payable 208 Rent payable 210 Wages payable 213 Property taxes payable 251 Long-term notes payable 301 V. Ace, Capital 302 V. Ace. Withdrawals 33.000 403 Construction revenue 612 Depreciation expense-Equipment 0 623 Wages expense 46,860 633 Interest expense 2,750 637 Insurance expense 0 640 Rent expense 12,000 652 Supplies expense 0 683 Property taxes expense 7.800 684 Repairs expense 2.910 690 Utilities expense 5.890 Totals $278.810 $ 26,250 6.800 0 0 0 0 25.000 88,660 132,100 $278,810 Required 1.Prepare and complete a 10-column work sheet for the current fiscal year, starting with the unadjusted trial balance and including adjustments using the following additional information. a.Supplies available at the end of the current fiscal year total $3,300. b.Cost of expired insurance for the current fiscal year is $3,800. c.Annual depreciation on equipment is $8,400. d.June utilities expense of $650 is not included in the unadjusted trial balance because the bill arrived after the trial balance prepared. The $650 amount owed must be recorded. e.Employees have earned $1,800 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. g.Additional property taxes of $1,000 have been assessed for this fiscal year but have not been paid or recorded at fiscal year-end, was 0 0 0 25,000 88.660 33.000 132.100 205 eresi paydole 208 Rent payable 210 Wages payable 213 Property taxes payable 251 Long-term notes payable 301 V. Ace, Capital 302 V. Ace. Withdrawals 403 Construction revenue 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 46.860 2.750 0 12,000 0 7.800 2,910 5.890 $278.810 $278,810 was Required 1.Prepare and complete a 10-column work sheet for the current fiscal year, starting with the unadjusted trial balance and including adjustments using the following additional information. a.Supplies available at the end of the current fiscal year total $3,300. b.Cost of expired insurance for the current fiscal year is $3,800. c.Annual depreciation on equipment is $8,400. d.June utilities expense of $650 is not included in the unadjusted trial balance because the bill arrived after the trial balance prepared. The $650 amount owed must be recorded. e.Employees have earned $1,800 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. g.Additional property taxes of $1,000 have been assessed for this fiscal year but have not been paid or recorded at fiscal year-end. h.$250 accrued interest for June has not yet been paid or recorded. 2.Using information from the completed 10-column work sheet in part 1, journalize the adjusting entries and the closing entries. 3.Prepare the income statement and the statement of owner's equity for the year ended June 30 and the classified balance sheet at June 30. Check (3) Net income, $30,890; Total assets, $122,550; Current liabilities, $11,000