Answered step by step
Verified Expert Solution
Link Copied!

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

image text in transcribed
image text in transcribed
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

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Audit Culture How Indicators And Rankings Are Reshaping The World

Authors: Cris Shore, Susan Wright

1st Edition

0745336450, 978-0745336459

More Books

Students also viewed these Accounting questions