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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 Retained Earnings account
The following unadjusted trial balance is for Ace Construction Company at its June 30 current fiscal year-end. The credit balance of the Retained Earnings account was $25,000 on June 30 of the prior year. Adjustments: a. Supplies avallable at the end of the current fiscal year total $3,420. b. Cost of expired insurance for the current fiscal year is $3,780. c. Annual depreciation on equipment is $8,800. d. 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. e. Employees have earned $1,600 of accrued and unpaid wages at fiscal year-end. f. Rent expense incurred and not yet paid or recorded at fiscal year-end is $400. g. Additional property taxes of $800 have been assessed for this fiscal year but have not been paid or recorded at fiscal year-end. h. $240 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). 3a. Prepare the income statement for the year ended June 30 . 3b. Prepare the statement of retained earnings for the year ended June 30 . 3c. Prepare the classified balance sheet at June 30 . Required 1 Prepare the adjusting entries (all dated June 30). > Prepare the closing entries (all dated June 30 ). Prepare the income statement for the year ended June 30 . Prepare the statement of retained earnings for the year ended June 30 . Required 1 Required 2A Required 2B Required 3A Required 3B Prepare the classified balance sheet at June 30
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