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Problem 3 - AB Preparing a work sheet, adjusting and closing entries, and financial statements 1 ca 0 p 1 The following unadjusted trial balance
Problem AB Preparing a work sheet, adjusting and closing entries, and financial statements ca pThe following unadjusted trial balance is for Ace Construction Co at its June current fiscal yearend. The credit balance of the Retained Earnings account was $ on June of the prior year.Required Prepare and complete a column work sheet for the current fiscal year, startin including adjustments using the following additional informationa. Supplies available at the end of the current fiscal year total $b Cost of expired insurance for the current fiscal year is $c Annual depreciation on equipment is $d June utilities expense of $ is not included in the unadiusted trial balance begause the bel prepared. The $ amount owed must be recorded.e Employees have earned $ of accrued and unpaid wages at fiscal yearendf. Rent expense incurred and not yet paid or recorded at fiscal yearend ists Additional property taxes of $ have been assessed for this fiscal year but have got bh $ accrued interest for June has not yet been paid or recorded Using information from the completed column work sheet in part journalize the adjusting eniries and the closing entries Prepare the income statement and the statement of retained earnings for the year ended June and the classified balance sheet at June
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