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 $21,000 on June 30 of the prior year. ACE CONSTRUCTION COMPANY Unadjusted Trial Balance June 30 Number Account Title 101 Cash Debit $ 16,500 Credit 126 Supplies 7,000 128 167 168 201 Accounts payable 203 208 Rent payable 210 213 251 Prepaid insurance Equipment Accumulated depreciation-Equipment Interest payable Wages payable Property taxes payable Long-term notes payable 6,000 137,070 $ 27,500 5,600 0 0 0 0 23,000 307 Common stock 52,300 318 Retained earnings 21,000 319 Dividends 33,000 403 Construction revenue 143,000 612 Depreciation expense-Equipment 0 623 Wages expense 49,000 633 Interest expense 2,530 637 Insurance expense 0 640 Rent expense 11,000 652 Supplies expense 0 683 684 Repairs expense 690 Utilities expense Property taxes expense Totals 2,700 3,100 $ 272,400 $ 272,400 4,500 Adjustments: a. Supplies available at the end of the current fiscal year total $2,520. b. Cost of expired insurance for the current fiscal year is $3,780 c. Annual depreciation on equipment is $8,200. d. June utilities expense of $550 is not included in the unadjusted trial balance because the bill arrived after the trial balance was prepared. The $550 amount owed must be recorded. e. Employees have earned $1,100 of accrued and unpaid wages at fiscal year-end. f. Rent expense incurred and not yet paid or recorded at fiscal year-end is $200. 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. $230 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 Number For Year Ended June 309 Unadjusted Trial Balance Adjustments Adjusted Trial Balance Income Statement Credit Debit Credit Debit Credit Debit Credit Account Title Debit Check my work 101 Cash $16,500) 126 Supplies 7,000 128 Prepaid insurance 6,000 167 Equipment 137,070 168 Accumulated depreciation-Equipment 27,500 201 Accounts payable 5,600 203 Interest payable 208 Rent payable 210 Wages payable 213 Property taxes payable 251 Long-term notes payable 23,000 307 Common stock 52,300 318 Retained earnings 21,000 319 Dividends 33,000 403 Construction revenue 143,000 612 Depreciation expense-Equipment 623 Wages expense 49.000 633 Interest expense 2,530 637 Insurance expense 640 Rent expense 11,000 662 Supplies expense 683 Property taxes expense 4.500 684 Repairs expense 2,700 690 Usites expense 3,100 Totals Net Income $272,400 $272,400 $ 05 05 0$ 0 0 Balance Sheet of Owner Debit eBook Print ferences View transaction list Journal entry worksheet 1 2 3 4 5 6 7 8 Record the required adjusting entry, if any. Supplies available at the end of the current fiscal year total $2,520. Note: Enter debits before credits. Transaction General Journal Debit Credit a. Record entry Clear entry View general journal Required 1 Required 2A Required 2B Required 3A Required 3B. Required 3C Prepare the adjusting entries (all dated June 30). View transaction list Journal entry worksheet < 1 3 4 5 6 7 8 Record the required adjusting entry, if any. Cost of expired insurance for the current fiscal year is $3,780. Note: Enter debits before credits. Transaction General Journal Debit Credit b. Record entry Clear entry View general journal View transaction list Journal entry worksheet < 1 2 3 4 5 6 7 8 Record the required adjusting entry, if any. Annual depreciation on equipment is $8,200. Note: Enter debits before credits. Transaction C. General Journal Debit Credit Record entry Clear entry View general journal > Required Required ZA Required 28 Required 3A Required 3B Required 3C Prepare the adjusting entries (all dated June 30). View transaction list Journal entry worksheet < 1 2 3 A 5 6 7 8 Record the required adjusting entry, if any. June utilities expense of $550 is not included in the unadjusted trial balance because the bill arrived after the trial balance was prepared. The $550 amount owed must be recorded. Note: Enter debits before credits. Transaction d. General Journal Debit Credit Record entry Clear entry View general journal Prepare the adjusting entries (all dated June 30). View transaction list Journal entry worksheet < 1 2 3 4 7 8 Record the required adjusting entry, if any. Employees have earned $1,100 of accrued and unpaid wages at fiscal year-end. Note: Enter debits before credits.. Transaction e. General Journal Debit Credit Record entry Clear entry View general journal es Complete this question by entering your answers in the tabs below. Required 1 Required 2A Required 28 Required 3A Required 3B Required 3C Prepare the adjusting entries (all dated June 30). View transaction list Journal entry worksheet < 1 2 3 4 5 7 8 Record the required adjusting entry, if any. Rent expense incurred and not yet paid or recorded at fiscal year-end is $200. Note: Enter debits before credits. Transaction f. General Journal Debit Credit Record entry Clear entry View general journal bok Required 1 Required 2A Required 2B Required 3A Required 3B Required 3C Prepare the adjusting entries (all dated June 30). View transaction list Journal entry worksheet nt < 1 2 3 4 5 6 8 ences Record the required adjusting entry, if any. Additional property taxes of $800 have been assessed for this fiscal year but have not been paid or recorded at fiscal year-end. Note: Enter debits before credits. Transaction g. General Journal Debit Credit Record entry Clear entry View general journal nces Prepare the adjusting entries (all dated June 30). View transaction list Journal entry worksheet < 1 2 3 4 5 6 7 Record the required adjusting entry, if any. $230 of accrued interest for June has not yet been paid or recorded. Note: Enter debits before credits. Transaction h. General Journal Debit Credit Record entry Clear entry View general journal