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The following unadjusted trial balance is for Ace Construction Co. as of the end of its 2021 financial year. The June 30,2020 , credit balance
The following unadjusted trial balance is for Ace Construction Co. as of the end of its 2021 financial year. The June 30,2020 , credit balance of the owner's capital account was $53,660, and the owner invested $35,000 cash in the company during the 2021 financial Adjustments: a. The supplies available at the end of financial year 2021 had a cost of $3,300. b. The cost of expired insurance for the financial year is $3,800. c. Annual depreciation on equipment is $8,400. d. The June utilities expense of $650 is not included in the unadjusted trial balance because the bill arrived after the trial balance was prepared. The $650 amount owed needs to be recorded. e. The company's employees have earned $1,800 of accrued and unpaid wages at financial year-end. f. The rent expense incurred and not yet paid or recorded at financial year-end is $500. g. Additional property taxes of $1,000 have been assessed for this financial year but have not been paid or recorded in the accounts. h. The $250 accrued interest for June on the long-term notes payable has not yet been paid or recorded. Required: 1. Prepare a 10-column work sheet for financial year 2021 , starting with the unadjusted trial balance and including adjustments based on the additional facts. The June 30,2020 , credit balance of the owner's capital account was $53,660, and the owner invested $35,000 cash in the company during the 2021 financial year. 2a. Prepare the adjusting entries (all dated June 30, 2021). 2b. Prepare the closing entries (all dated June 30, 2021). 3a. Prepare the income statement for the year ended June 30, 2021. 3b. Prepare the statement of changes in equity for the year ended June 30, 2021. 3c. Prepare the classified balance sheet at June 30, 2021
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