The following unadjusted trial balance is for Ace Construction Co. as of end of its 2015 fiscal year. The June 30, 2014, credit balance of the owners account was $53,660, and the owner invested $35,000 cash in the com pany during the 2015 fiscal year.

es Chapter 4 completing the Accounting Cycle CONSTRUCTION CO June 30, 2015 Cred Debi S 18,500 9,900 4 No Account Title 7,200 01 Cash 32,000 6126 Supplies 26,250 128 Prepaid insurance 6,800 8 167 Equipment 9 168 Accumulated depreciation-Equipment 10 201 Accounts payable 11 203 Interest payable 2 208 Rent payable 3 210 Wages payable 25,000 14 213 Property taxes payable 88,660 15 251 Long-term notes payable 33,000 6 301 Acer Capital 132,100 17 302 V. Ace, Withdrawals 18 401 Construction fees earned 9 612 Depreciation expense-Equipmen 46,860 20 623 Wages expense 2,750 21 633 Interest expense 22 637 Insurance expense 2,000 23 640 Rent expense 24 652 Supplies expense 7.800 25 683 Property taxes expense 2,910 26684 Repairs expense 5,890 27 690 Utilities expense $278,810 $278,810 2B 29 Required 1. Prepare and complete a 10-col mn for year 2015, starting with the unadjusted tria balance and including adjustments based on these additional facts a. The supplies available at the end of fiscal year 2015 had a cost of s3.300 b. The cost of expired insurance for the fiscal year is S3.800 c. Annual depreciation on equipment is $8,400 d. The June es expense of $650 is not included in the unadjusted trial balance because the bi e. The after the trial was prepared The S650 amount owed needs to be f. The company's employees have earned SI,800 of accrued wages at fiscal year-end rent expense incurred and not yet paid or recorded at fiscal year-end is s500. or recorded in the accounts h. The long-term note payable bears inte at 12% per year. The unadjusted nterest Expense ac- count equals the amount paid for the first months of the 2015 scal year. The S250 accru 2. interest for June has not yet been paid or recorded. e company is required to make a S5.000 payment toward the note payable during the 2016 Using information from the completed fiscal year.) and the closing entries 10-column work sheet in part 1. 3. Prepare the income statement and the Journalize the adjusting entries classified balance sheet at June 30, statement o owners equity for the year ended June 30 and the 2015 Analysis Component 4. Analyze the following separate errors and describe how each whether the error is likely to be discovered Explain would aff of the error on the financial statements complet ng the the 10-column work sheet work if not, the effect Supplies Expense for S3.300, when the correc a credi amount b. When the adjusted trial balance in the work she was S6.600 Supplies and a debi nce is incorrectly entered in the Credit is completed, colum me that the sis 500 cash bal assu