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The following unadjusted trial balance for Ace Construction Company at its June 30 current fiscal year-end. The credit balance of the V. Ace Capital accont
The following unadjusted trial balance for Ace Construction Company at its June 30 current fiscal year-end. The credit balance of the V. Ace Capital accont was 53,000 on June 30 of the prior year, and the owner invested 26,000 cash during the current fiscal year. I don't know what I'm missing so please help. If you're also able to show me how to do this that would be great!
a. Supplies avallable at the end of the current fiscal year total $3,240. b. Cost of explred Insurance for the current fiscal year Is $3,465. c. Annual depreclation on equipment is $8,200. d. June utllitles expense of $550 is not Included in the unadjusted trlal balance because the bill arrlved after the trlal balance was prepared. The $550 amount owed must be recorded. e. Employees have earned $1,200 of accrued and unpald 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 $600 have been assessed for this fiscal year but have not been pald or recorded at fiscal year-end. h. $210 of accrued Interest for June has not yet been pald or recorded. Required: 1. Prepare a 10 -column work sheet for the current fiscal year, starting with the unadjusted trial balance and Including adjustments using the above additional Information. 2a. Prepare the adjusting entrles (all dated June 30). 2b. Prepare the closing entrles (all dated June 30 ). 3a. Prepare the Income statement for the year ended June 30. \begin{tabular}{|l||l|l|l|l|l|} \hline Required 1 & Required 2A & Required 2B & Required 3A & Required 3B & Required 3C \\ \hline \end{tabular} Prepare a 10-column work sheet for the current fiscal year, starting with the unadjusted trial balance and including adjustments using the above additional information. \begin{tabular}{|c|c|c|c|c|c|c|c|c|c|c|c|} \hline \multicolumn{12}{|c|}{ ACE CONSTRUCTION COMPANY } \\ \hline \multicolumn{12}{|c|}{ Work Sheet } \\ \hline \multicolumn{12}{|c|}{ For Year Ended June 30} \\ \hline \multirow[b]{2}{*}{ Number } & \multirow[b]{2}{*}{ Account Title } & \multicolumn{2}{|c|}{\begin{tabular}{c} Unadjusted Trial \\ Balance \end{tabular}} & \multicolumn{2}{|c|}{ Adjustments } & \multicolumn{2}{|c|}{ Adjusted Trial Balance } & \multicolumn{2}{|c|}{ Income Statement } & \multicolumn{2}{|c|}{\begin{tabular}{c} Balance Sheet and \\ Statement of Owner's \\ Equity \end{tabular}} \\ \hline & & Debit & Credit & Debit & Credit & Debit & Credit & Debit & Credit & Debit & Credit \\ \hline 101 & Cash & $20,000 & & & & 20,000 & & & & 20,000 & \\ \hline 126 & Supplies & 9,000 & & & 5,760 & 3,240 & & & & 3,240 & \\ \hline 128 & Prepaid insurance & 5,500 & & & 3,465 & 2,035 & & & & 2,035 & \\ \hline 167 & Equipment & 138,890 & & & & 138,890 & & & & 138,890 & \\ \hline 168 & Accumulated depreciation-Equipment & & 27,000 & & 8,200 & & 35,200 & & & & 35,200 \\ \hline 201 & Accounts payable & & 5,400 & & 550 & & 5,950 & & & & 5,950 \\ \hline 203 & Interest payable & & & & 2100 & & 2100 & & & & 210 \\ \hline 208 & Rent payable & & & & 500 & & 500 & & & & 500 \\ \hline 210 & Wages payable & & & & 1,200 & & 1,200 & & & & 1,200 \\ \hline 213 & Property taxes payable & & & & 600 & & 600 & & & & 600 \\ \hline 251 & Long-term notes payable & & 21,000 & & & & 21,000 & & & & 21,000 \\ \hline 301 & V. Ace, Capital & & 79,300 & & & & 79,300 & & & & 79,300 \\ \hline 302 & V. Ace, Withdrawals & 31,000 & & & & 31,000 & & & & 31,000 & \\ \hline 403 & Construction revenue & & 139,000 & & & & 139,000 & & 139,000 & & \\ \hline 612 & Depreciation expense-Equipment & & & 8,200 & & 8,200 & & 8,200 & & & \\ \hline 623 & Wages expense & 43,000 & & 1,200 & & 44,200 & & 44,200 & & & \\ \hline 633 & Interest expense & 2,310 & & 210 & & 2,520 & & 2,520 & & & \\ \hline 637 & Insurance expense & & & 3,465 & & 3,465 & & 3,465 & & & \\ \hline 640 & Rent expense & 12,000 & & 5000 & & 12,5000 & & 12,500 & & & \\ \hline 652 & Supplies expense & & & 5,760 & & 5,760 & & 5,760 & & & \\ \hline 683 & Property taxes expense & 4,400 & & 6000 & & 5,000 & & 5,000 & & & \\ \hline 684 & Repairs expense & 2,500 & & & & 2,500 & & 2,5000 & & & \\ \hline 690 & Utilities expense & 3,100 & & 5500 & & 3,6500 & & 3,6500 & & & \\ \hline & Totals & \begin{tabular}{l} $ \\ 271,700 \end{tabular} & \begin{tabular}{l} S \\ 271,700 \end{tabular} & $20,485 & $20,485 & S 282,960 & $282,960 & 87,795 & 139,000 & 195,165 & 143,960 \\ \hline & Net Income & & & & & & & 51,205 & & & \\ \hline & Totals & & & & & & & \begin{tabular}{ll} S & 139,000 \end{tabular} & \begin{tabular}{ll} & $ \\ & 139,000 \end{tabular} & $$195,165 & S 143,960 \\ \hline \end{tabular} Answer is not complete. Complete this question by entering your answers in the tabs below. Prepare the adjusting entries (all dated June 30 ). Answer is not complete. Complete this question by entering your answers in the tabs below. Prepare the closing entries (all dated June 30 ). Answer is not complete. Complete this question by entering your answers in the tabs below. Prepare the income statement for the year ended June 30. Answer is not complete. Complete this question by entering your answers in the tabs below. Prepare the statement of owner's equity for the year ended June 30 . Prepare the classified balance sheet at June 30Step by Step Solution
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