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 owners capital account was $58,700, and the owner invested $21,000 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	$	16,500
126	Supplies		9,000
128	Prepaid insurance		6,000
167	Equipment		130,300
168	Accumulated depreciationEquipment					$	26,000
201	Accounts payable						6,000
203	Interest payable						0
208	Rent payable						0
210	Wages payable						0
213	Property taxes payable						0
251	Long-term notes payable						20,000
301	V. Ace, Capital						79,700
302	V. Ace, Withdrawals		31,500
401	Construction fees earned						133,000
612	Depreciation expenseEquipment		0
623	Wages expense		45,000
633	Interest expense		2,200
637	Insurance expense		0
640	Rent expense		13,000
652	Supplies expense		0
683	Property taxes expense		4,100
684	Repairs expense		2,600
690	Utilities expense		4,500
	Totals	$	264,700			$	264,700

Adjustments:

The supplies available at the end of fiscal year 2017 had a cost of $3,240.

The cost of expired insurance for the fiscal year is $3,780.

Annual depreciation on equipment is $8,700.

The June utilities expense of $590 is not included in the unadjusted trial balance because the bill arrived after the trial balance was prepared. The $590 amount owed needs to be recorded.

The companys employees have earned $1,600 of accrued wages at fiscal year-end.

The rent expense incurred and not yet paid or recorded at fiscal year-end is $200.

Additional property taxes of $500 have been assessed for this fiscal year but have not been paid or recorded in the accounts.

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 $200 accrued interest for June has not yet been paid or recorded. (The company is required to make a $4,500 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.

Unadjusted Trial Balance Sheet and S Adjusted Trial Balance Adjustments Balance Income Statement of Owner's Equ Dr. Cr. Dr. Cr. Dr. Cr. Dr. Cr. Dr. Account Title Cash 16,500 16,500 16.500 Supplies 9,000 3.240 3.240 6.000 3780 Prepaid insurance Equipment 130,300 26.000 8700 Accumulated depreciation Equipment 6000 Accounts payable Interest payable 200 Rent payable 1,600 Wages payable 500 Property taxes payable 20.000 Long-term notes payable V. Ace, Capital 79,700 V Ace, Withdrawals 31,500 Construction fees earned 133,000 Depreciation expense-Equipment 45.000 Wages expense 2.200 Interest expense Insurance expense 13,000 Rent expense Supplies expense 4.100 Property taxes expense 2600 Repairs expense 4,500 Utilities expense 0 14,780 19,740 264,700 264,700 19,740 Totals Net Income 19,740 0 0 Totals