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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

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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 $51,800, and the owner invested $22,000 cash in the company during the 2017 fiscal year. Credit Debit $ 16,500 7,500 6,000 136,640 $ 25,500 6, 200 ACE CONSTRUCTION CO. Unadjusted Trial Balance June 30, 2017 Account Title 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 251 long-term notes payable 301 V. Ace, Capital 302 V. Ace, withdrawals 401 Construction fees earned 612 Depreciation expense Equipment 623 Wages expense 633 Interest expense 637 Insurance expense 640 Rent expense 652 Supplies expense 68) Property taxes expense 684 Repair expense 690 Utilities expense Totale 26,000 73,800 26,500 132,000 44.000 2.860 12,000 4.300 2.800 4.400 526 3.500 5263.500 Adjustments: a. The supplies available at the end of fiscal year 2017 had a cost of $2,700. b. The cost of expired insurance for the fiscal year is $3,780. c. Annual depreciation on equipment is $9,000. 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 $1,500 of accrued 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 $500 have been assessed for this fiscal year but have not been paid or recorded in the accounts. h. The long-term note payable bears interest at 12% per year. The unadjusted Interest Expense account equals the amount paid for the first 11 months of the 2017 fiscal year. The $260 accrued interest for June has not yet been paid or recorded. The company is required to make a $4,000 payment toward the note payable during the 2018 fiscal year.) Required: 1. Prepare a 10-column work sheet for fiscal year 2017, starting with the unadjusted trial balance and including adjustments based on the additional facts 20. Prepare the adjusting en dies (all dated June 30, 2017) 2b. Prepare the closing entries. (all dated June 30, 2017): 3a. Prepare the income statement for the year ended June 30. 3b. Prepare the statement of owner's equity for the year ended June 30. 3c. Prepare the classified balance sheet at June 30, 2017 column work sheet for fiscal year 2017, starting with the unadjusted trial balance and including adjustments based on the additional facts. The June 30, 2016, credit balance the owner invested $22000 cash in the company during the 2017 fiscal year. ACE CONSTRUCTION CO Work Sheet For Year Ended June 30, 2017 Unadjusted Trial Balance Income Statement Adjustments Der Adjusted Trial Balance Cr. Balance sheet and statement of Owner's Equity Cr. Dr. CE Dr. S 15ml Dr. cr. Dr. cr. Dr. Cr. Dr. cr. Dr. Dr. 16,500 $ 7,500 6.000 136,640 6,200 No. Account Title 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 220 Current portion of Long-term notes payable 251 Long-term notes payable 301 V. Ace, Capital 302 V. Ace, Withdrawals 401 Construction fees earned 612 Depreciation expense Equipment 623 Wages expense 633 interest expense 637 insurance expense 540 Rent expense 552 Supplies expense 683 Property taxes expense 684 Repairs expense 4,000 4,000 22.000 73,800 26 500 132,000 44.000 2.860 12.000 2,800 Success 4300 Property is expense 884 Repairs expense 2800 is expense 4.400 $262 500S 23.500 U tsumandongoose Gothwest View transaction list Journal entry worksheet 1 2 3 4 Record the entry to close revenue accounts. Note: Enter debits before credits. Date General Journal Debit Credit Jun 30 Record entry Clear entry View general journal Pull LIIC ICUL SCULCHICHICIUL CHIC Yeol Clucu JULIC JU, 2017. ACE CONSTRUCTION CO. Income Statement For Year Ended June 30, 2017 Revenues: Expenses: TTTTTTTT 1 Total expenses Prepare the statement of owner's equity for the year ended June 30, 2017. The June 30, 2016, credit balance of the capital account was $51,800, and the owner invested $22,000 cash in the company during the 2017 fiscal year. ACE CONSTRUCTION CO. Statement of Owner's Equity For Year Ended June 30, 2017 V. Ace, Capital, June 30, 2016 V. Ace, Capital, June 30, 2017 Prepare the classified balance sheet at June 30, 2017. ACE CONSTRUCTION CO. Balance Sheet June 30, 2017 1 IT

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