Problem 4-2A (Algo) Preparing a work sheet, adjusting and closing entries, and financial statements LO C1,...

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Problem 4-2A (Algo) Preparing a work sheet, adjusting and closing entries, and financial statements LO C1, P1, P2 The following unadjusted trial balance is for Ace Construction Company at its June 30 current fiscal year-end. The credit balance of the V. Ace, Capital account was $58,000 on June 30 of the prior year, and the owner invested $29,000 cash during the current fiscal year. ACE CONSTRUCTION COMPANY Unadjusted Trial Balance June 30 Number Account Title 101 Cash 126 Supplies 128 Prepaid insurance 167 168 201 Equipment Accumulated depreciation-Equipment Accounts payable Debit $ 19,500 9,000 5,000 154,280 Credit $ 29,000 6,000 203 Interest payable 208 Rent payable 210 Wages payable 0 213 Property taxes payable 251 Long-term notes payable 22,000 301 V. Ace, Capital 87,000 302 V. Ace, Withdrawals 31,000 403 Construction revenue 141,000 612 Depreciation expense-Equipment 623 Wages expense 42,000 633 Interest expense 2,420 637 Insurance expense 640 Rent expense 12,000 652 Supplies expense 0 683 Property taxes expense 4,200 684 Repairs expense. 2,500 690 Utilities expense 3,100 Totals $285,000 $285,000 Ad Problem 4-2A (Algo) Preparing a work sheet, adjusting and closing entries, and financial statements LO C1, P1, P2 The following unadjusted trial balance is for Ace Construction Company at its June 30 current fiscal year-end. The credit balance of the V. Ace, Capital account was $58,000 on June 30 of the prior year, and the owner invested $29,000 cash during the current fiscal year. ACE CONSTRUCTION COMPANY Unadjusted Trial Balance June 30 Number Account Title 101 Cash 126 Supplies 128 Prepaid insurance 167 168 201 Equipment Accumulated depreciation-Equipment Accounts payable Debit $ 19,500 9,000 5,000 154,280 Credit $ 29,000 6,000 203 Interest payable 208 Rent payable 210 Wages payable 0 213 Property taxes payable 251 Long-term notes payable 22,000 301 V. Ace, Capital 87,000 302 V. Ace, Withdrawals 31,000 403 Construction revenue 141,000 612 Depreciation expense-Equipment 623 Wages expense 42,000 633 Interest expense 2,420 637 Insurance expense 640 Rent expense 12,000 652 Supplies expense 0 683 Property taxes expense 4,200 684 Repairs expense. 2,500 690 Utilities expense 3,100 Totals $285,000 $285,000 Ad