Answered step by step
Verified Expert Solution
Question
1 Approved Answer
The following unadjusted trial balance is for Ace Construction Co. as of the end of its 2017 fiscal year. The June 30, 2016, credit balance
The following unadjusted trial balance is for Ace Construction Co. as of the end of its 2017 fiscal year. The June 30, 2016, credit balance of the owner's capital account was $ 53.660, and the owner invested $35,000 cash in the company during the 2017 fiscal year ACE CONSTRUCTION Co. Unadjusted Trial Balance June 30, 2017 No- Account Title Debit Credit 101 Cash 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 s 18,500 9,900 7,200 132,000 26,250 6, 800 251 Long-term notes payable 01 V. Ace, Capital 25,000 02 V. Ace, Withdravals 401 Construction fees earned 612 Depreciation expenase-Equipment 623 Wages expense 633 Interest expense 637 Insurance expense 640 Rent expense 652 Supplies expense 132,100 46,860 2,750 12,000 ,800 683 Property taxes expense 684 Repairs expense 90 Utilities expense 2,910 $278,10 $278, 810 Totala
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started