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 $57,600 on June 30 of the prior year, and the owner invested $29,000 cash during the current fiscal year.

ACE CONSTRUCTION COMPANY
Unadjusted Trial Balance
June 30
Number	Account Title	Debit	Credit
101	Cash	$ 19,000
126	Supplies	8,000
128	Prepaid insurance	6,500
167	Equipment	149,330
168	Accumulated depreciationEquipment		$ 23,500
201	Accounts payable		5,800
203	Interest payable		0
208	Rent payable		0
210	Wages payable		0
213	Property taxes payable		0
251	Long-term notes payable		27,000
301	V. Ace, Capital		86,600
302	V. Ace, Withdrawals	28,000
403	Construction revenue		140,000
612	Depreciation expenseEquipment	0
623	Wages expense	48,000
633	Interest expense	2,970
637	Insurance expense	0
640	Rent expense	11,000
652	Supplies expense	0
683	Property taxes expense	4,500
684	Repairs expense	2,100
690	Utilities expense	3,500
	Totals	$ 282,900	$ 282,900

Adjustments:

1. Supplies available at the end of the current fiscal year total $2,880.
2. Cost of expired insurance for the current fiscal year is $4,095.
3. Annual depreciation on equipment is $8,900.
4. June utilities expense of $560 is not included in the unadjusted trial balance because the bill arrived after the trial balance was prepared. The $560 amount owed must be recorded.
5. Employees have earned $1,600 of accrued and unpaid wages at fiscal year-end.
6. Rent expense incurred and not yet paid or recorded at fiscal year-end is $200.
7. Additional property taxes of $500 have been assessed for this fiscal year but have not been paid or recorded at fiscal year-end.
8. $270 of accrued interest for June has not yet been paid or recorded.

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