Answered step by step
Verified Expert Solution
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,
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 $54,300 on June 30 of the prior year, and the owner invested $21,000 cash during the current fiscal year. ACE CONSTRUCTION COMPANY Unadjusted Trial Balance June 30 Number Account Title 101 Cash Debit $ 18,500 Credit 126 Supplies 9,000 128 Prepaid insurance 167 168 Equipment Accumulated depreciation-Equipment 6,500 142,410 $ 25,500 201 Accounts payable 6,400 203 Interest payable 208 Rent payable 0 210 Wages payable 213 Property taxes payable. 0 251 Long-term notes payable 29,000 301 V. Ace, Capital 75,300 302 V. Ace, Withdrawals 29,500 403 Construction revenue 138,000 612 Depreciation expense-Equipment 623 Wages expense 44,000 633 Interest expense 3,190 637 Insurance expense 640 Rent expense 11,000 652 Supplies expense 0 683 Property taxes expense. 4,600 684 Repairs expense 2,200 690 Utilities expense 3,300 Totals $274,200 $274,200
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started