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 Retained Earnings
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
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