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. Credit No. $ 27,000 ACE CONSTRUCTION CO. Unadjusted Trial Balance June 30, 2019 Account Title Debit 101 Cash $ 18,000 126 Supplies 7,000 128 Prepaid insurance 6,500 167 Equipment 140,930 Accumulated depreciation- 168 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 28,000 401 Construction fees earned 612 Depreciation expense-Equipment 623 Wages expense 48,000 5,600 0 0 0 0 27,000 73,500 141,000 MAN Neyt Slalo ILU ---- -- -tr - 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 48,000 2,970 0 13,000 0 4,200 2,200 3,300 $274,100 $274,100 Adjustments: 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. Adjustments: 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. Answer is not complete. Required 1 Required 2A Required 2B Required 3A Required 3B Required 30 Prepare the closing entries (all dated June 30, 2019). No Date General Journal Debit Credit 1 June 30, 2019 Construction fees earned 141,000 Income summary O 141,000 2 June 30, 2019 Income summ 73,670 X Answer is not complete. Complete this question by entering your answers in the tabs below. Required 1 Required 2A Required 2B Required 3A Required 3B Required 3C Prepare the statement of owner's equity for the year ended June 30, 2019. The June 30, 2018, credit capital account was $50,500, and the owner invested $23,000 cash in the company during the 2019 fi ACE CONSTRUCTION CO. Statement of Owner's Equity For Year Ended June 30, 2019 V. Ace, Capital, June 30, 2018 Add: Net income $ 46,705 Add: Owner investment -28,000 $ 73,500 18,705 92,205 $ 92,205 V. Ace, Capital, June 30, 2019