The following unadjusted trial balance is for Ace Construction Company at its June 30 current fiscal year end The credit balance of the V Ace, Capital account was $56,300 on June 30 of the prior year , and the owner invested $25,000 cash during the current fiscal year ACE CONSTRUCTION COMPANY Unadjusted Trial Balance June 30 Number Account Title Debit Credit 101 Cash $ 18,000 126 Supplies 8,000 128 Prepaid insurance 6,500 167 Equipment 154,700 168 Accumulated depreciationEquipment $ 28,500 201 Accounts payable 5,200 203 Interest payable 0 208 Rent payable 0 210 Wages payable 0 213 Property taxes payable 0 251 Long term notes payable 30,000 301 V Ace, Capital 81,300 302 V Ace, Withdrawals 28,500 403 Construction revenue 143,000 612 Depreciation expenseEquipment 0 623 Wages expense 44,000 633 Interest expense 3,300 637 Insurance expense 0 640 Rent expense 14,000 652 Supplies expense 0 683 Property taxes expense 4,600 684 Repairs expense 2,900 690 Utilities expense 3,500 Totals $ 288,000 $ 288,000 Adjustments Supplies available at the end of the current fiscal year total $2,880 Cost of expired insurance for the current fiscal year is $4,095 Annual depreciation on equipment is $8,600 June utilities expense of $530 is not included in the unadjusted trial balance because the bill arrived after the trial balance was prepared The $530 amount owed must be recorded Employees have earned $1,700 of accrued and unpaid wages at fiscal year end Rent expense incurred and not yet paid or recorded at fiscal year end is $200 Additional property taxes of $900 have been assessed for this fiscal year but have not been paid or recorded at fiscal year end $300 of accrued interest for June has not yet been paid or recorded Required 1 Prepare a 10 column work sheet for the current fiscal year, starting with the unadjusted trial balance and including adjustments using the above additional information 2a Prepare the adjusting entries (all dated June 30) 2b Prepare the closing entries (all dated June 30)

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The following unadjusted trial balance is for Ace Construction Company at its June 30 current fiscal year-end. The credit balance of the V. Ace, Capital

The following unadjusted trial balance is for Ace Construction Company at its June 30 current fiscal year-end. The credit balance of the V. Ace, Capital account was $56,300 on June 30 of the prior year, and the owner invested $25,000 cash during the current fiscal year.

Number	Account Title	Debit	Credit
ACE CONSTRUCTION COMPANY
Unadjusted Trial Balance
June 30
101	Cash	$ 18,000
126	Supplies	8,000
128	Prepaid insurance	6,500
167	Equipment	154,700
168	Accumulated depreciationEquipment		$ 28,500
201	Accounts payable		5,200
203	Interest payable		0
208	Rent payable		0
210	Wages payable		0
213	Property taxes payable		0
251	Long-term notes payable		30,000
301	V. Ace, Capital		81,300
302	V. Ace, Withdrawals	28,500
403	Construction revenue		143,000
612	Depreciation expenseEquipment	0
623	Wages expense	44,000
633	Interest expense	3,300
637	Insurance expense	0
640	Rent expense	14,000
652	Supplies expense	0
683	Property taxes expense	4,600
684	Repairs expense	2,900
690	Utilities expense	3,500
	Totals	$ 288,000	$ 288,000

Adjustments:

Supplies available at the end of the current fiscal year total $2,880.

Cost of expired insurance for the current fiscal year is $4,095.

Annual depreciation on equipment is $8,600.

June utilities expense of $530 is not included in the unadjusted trial balance because the bill arrived after the trial balance was prepared. The $530 amount owed must be recorded.

Employees have earned $1,700 of accrued and unpaid wages at fiscal year-end.

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

Additional property taxes of $900 have been assessed for this fiscal year but have not been paid or recorded at fiscal year-end.

$300 of accrued interest for June has not yet been paid or recorded.

Required:

1. Prepare a 10-column work sheet for the current fiscal year, starting with the unadjusted trial balance and including adjustments using the above additional information.

2a. Prepare the adjusting entries (all dated June 30).

2b. Prepare the closing entries (all dated June 30).