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 2019 fiscal year. The June 30, 2018, credit balance of the owner's capital account was $50,500, and the owner invested $23,000 cash in the company during the 2019 fiscal year. sk 1 1 nces ACE CONSTRUCTION CO. Unadjusted Trial Balance June 30, 2019 No. Account Title Debit Credit 101 Cash $ 18,000 126 Supplies 7,000 128 Prepaid insurance 6,500 167 Equipment 140,930 Accumulated depreciation- 168 $ 27,000 Equipment 201 Accounts payable 5,600 203 Interest payable 0 208 Rent payable 0 210 Wages payable 0 213 Property taxes payable 0 251 Long-term notes payable 27,000 301 V. Ace, Capital 73,500 302 V. Ace, Withdrawals 28,000 401 Construction fees earned 141,000 612 Depreciation expense-Equipment 623 Wages expense 48,000 633 Interest expense 2,970 637 Insurance expense 640 Rent expense 13,000 652 Supplies expense 683 Property taxes expense 4,200 684 Repairs expense 2,200 690 Utilities expense 3,300 Totals $274,100 $274,100 es a. The supplies available at the end of fiscal year 2019 had a cost of $2,520. b. The cost of expired insurance for the fiscal year is $4,095. c. Annual depreciation on equipment is $8,100. d. The June utilities expense of $580 is not included in the unadjusted trial balance because the bill arrived after the trial balance was prepared. The $580 amount owed needs to be recorded. e. The company's employees have earned $1,900 of accrued and unpaid wages at fiscal year-end. f. The rent expense incurred and not yet paid or recorded at fiscal year-end is $500. g. Additional property taxes of $700 have been assessed for this fiscal year but have not been paid or recorded in the accounts. h. The $270 accrued interest for June on the long-term notes payable has not yet been paid or recorded. Required: 1. Prepare a 10-column work sheet for fiscal year 2019, starting with the unadjusted trial balance and including adjustments based on the additional facts. The June 30, 2018, credit balance of the owner's capital account was $50,500, and the owner invested $23,000 cash in the company during the 2019 fiscal year. 2a. Prepare the adjusting entries. (all dated June 30, 2019). 2b. Prepare the closing entries. (all dated June 30, 2019): 3a. Prepare the income statement for the year ended June 30, 2019. 3b. Prepare the statement of owner's equity for the year ended June 30, 2019. 3c. Prepare the classified balance sheet at June 30, 2019. Saved Complete this question by entering your answers in the tabs below. Required 1 Required 2A Required 28 Required 3A Required 38 Required 3C Prepare a 10-column work sheet for fiscal year 2019, starting with the unadjusted trial balance and including adjustments based on the additional facts. The June 30, 2018, credit balance of the owner's capital account was $50,500, and the owner invested $23,000 cash in the company during the 2019 fiscal year. ACE CONSTRUCTION CO. Work Sheet For Year Ended June 30, 2019 Unadjusted Trial Balance Adjustments Adjusted Trial Balance Income Statement Balance Sheet and Statement of Owner's Equity Dr. Cr. Dr. Cr. Dr. Cr. Dr. Cr. Dr. Gr. Cash S 18.000 7.000 6.500 140.930 27,000 5,600 27,000 73,500 No. Account Title 101 126 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 noles payable 301 V Ace, Capital 302 V. Ace, Withdrawals 401 Construction fees eamed 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 Nel Income Totals 28.000 141.000 48.000 2,970 13,000 4.200 2,200 3,300 $ 274.100 S 274 100 Required Required 2A > Drau of 19 28 Next > Required 1 Required 2A Required 2B Required 3A Required 3B Required 3C Prepare the adjusting entries (all dated June 30, 2019). ces View transaction Fist Journal entry worksheet 2 3 4 5 6 7 The supplies available the end of fiscal year 2019 had a cost of $2,520. Note: Enter debits before credits. Debit Credit Transaction General Journal a. View general journal Record entry Clear entry Prepare the adjusting entries (all dated June 30, 2019). References View transaction list Journal entry worksheet 1 2 3 4 5 6 7 8 The cost of expired insurance for the fiscal year is $4,095. Note: Enter debits before credits. Debit Credit Transaction General Journal b View general journal Record entry Clear entry Required 1 Required 2A Required 2B Required 3A Required 38 Required 34 Prepare the adjusting entries (all dated June 30, 2019). References View transaction list Journal entry worksheet 1 2 3 4 5 6 7 7 8 > Annual depreciation on equipment is $8,100. Note: Enter debits before credits. Transaction General Journal Debit Credit C. Record entry Clear entry View general joumal References View transaction ist Journal entry worksheet 5 6 7 do 8 The June utilities expense of $580 is not included in the unadjusted trial balance because the bill arrived after the trial balance was prepared. The $580 amount owed needs to be recorded. Note: Enter debits before credits. Debit General Journal Credit Transaction d. View general joumal Record entry Clear entry View transaction list Journal entry worksheet 1 2 3 4 5 7 6 8 The company's employees have earned $1,900 of accrued and unpaid wages at fiscal year-end. Note: Enter debits before credits. Credit Debit Transaction General Journal View general joumal Clear entry Record entry Prepare the adjusting entries (all dated June 30, 2019). References View transaction list Journal entry worksheet 1 2. 3 4 5 6 7 8 The rent expense incurred and not yet paid or recorded at fiscal year-end is $500. Note: Enter debits before credits. Debit General Journal Transaction Credit f. Record entry Clear entry View general joumal References View transaction list Journal entry worksheet DUUR Required 1 Required 2A Print Required 28 Required 3A Required 38 Required 30 Prepare the closing entries (all dated June 30, 2019). References View transaction list Journal entry worksheet > 2 3 4 Record the entry to close revenue accounts. Note: Enter debts before credts. General Journal Debit Credit Date June 30 2019 Record entry Clear entry View general joumal Journal entry worksheet Record the entry to close expense accounts. Note: Enter debits before credits. Date General Journal Debit Credit June 30 2019 View general journal Clear entry Record entry SU eBook Print Required 1 Required 2A Required 2B Required 3A Required 3B Required 30 Prepare the closing entries (all dated June 30, 2019). References View transaction list Journal entry worksheet 3b. Prepare the statement of owner's equity for the year ended 3c. Prepare the classified balance sheet at June 30, 2019. Complete this question by entering your answers in the tabs below. Required 2A Required 3A Required 3C Required 1 Required 2B Required 3B Prepare the statement of owner's equity for the year ended June 30, 2019. The June 30, 2018, credit balance of the owner's capital account was $50,500, and the owner invested $23,000 cash in the company during the 2019 fiscal year. ACE CONSTRUCTION CO. Statement of Owner's Equity For Year Ended June 30, 2019 V. Ace, Capital, June 30, 2018 V. Ace. Capital, June 30, 2019 Required 3C >