Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

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,

image text in transcribedimage text in transcribedimage text in transcribedimage text in transcribedimage text in transcribedimage text in transcribedimage text in transcribedimage text in transcribedimage text in transcribedimage text in transcribedimage text in transcribed

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 $55,900 on June 30 of the prior year, and the owner invested $27,000 cash during the current fiscal year. ACE CONSTRUCTION COMPANY Unadjusted Trial Balance June 30 Number Account Title 101 Cash Debit $ 17,000 Credit 126 Supplies 128 Prepaid insurance 10,000. 6,000 167 168 201 Equipment Accumulated depreciation-Equipment Accounts payable 203 Interest payable 200 Rent payable 151,220 $ 28,500 5,000 210 Wages payable 213 251 Property taxes payable Long-term notes payable 28,000 301 V. Ace, Capital 82,900 3021 V. Ace, Withdrawals 28,500 403 Construction revenue 139,000 612 Depreciation expense-Equipment 0 623 Wages expense 46,000 633 Interest expense 3,080 637 Insurance expense 0 640 Reat expense 10,000 652 Supplies expense 0 683 Property taxes expense 4,500 684 Repairs expense 2,500) 690 Utilities expense 4,600 Totals $283,400 $283,400

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Intermediate Accounting

Authors: kieso, weygandt and warfield.

14th Edition

9780470587232, 470587288, 470587237, 978-0470587287

More Books

Students also viewed these Accounting questions

Question

=+d) Interpret the coefficient of the dummy variable named Q3.

Answered: 1 week ago