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 Retained Earnings

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 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 Retained Earnings account was $78,660 on June 30 of the prior year. ACE CONSTRUCTION COMPANY Unadjusted Trial Balance June 30 Number Account Title 101 Cash Debit $18,500 Credit 126 Supplies 9,900 128 Prepaid insurance 167 Equipment 168 Accumulated depreciation-Equipment 201 Accounts payable 7,200 132,000 $ 26,250 6,800 203 Interest payable 208 Rent payable 210 Wages payable 213 Property taxes payable 251 Long-term notes payable 25,000 307 Common stock 10,000 318 Retained earnings 78,660 319 Dividends 33,000 403 Construction revenue 132,100 612 Depreciation expense-Equipment 0 623 Wages expense 46,860 633 Interest expense 2,750 637 Insurance expense 640 Rent expense 12,000 652 Supplies expense 0 683 Property taxes expense 7,800 684 Repairs expense 2,910 690 Utilities expense 5,890 Totals $278,810 $ 278,810)

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

Cornerstones of Cost Management

Authors: Don R. Hansen, Maryanne M. Mowen

2nd edition

1111824401, 978-1111824402

More Books

Students also viewed these Accounting questions