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The following unadjusted trial balance is for Ace Construction Company at its June 3 0 current fiscal year - end. The credit balance of the
The following unadjusted trial balance is for Ace Construction Company at its June current fiscal yearend. The credit balance of the V Ace, Capital account was $ on June of the prior year, and the owner invested $ cash during the current fiscal year. ACE CONSTRUCTION COMPANY Unadjusted Trial Balance June Number Account Title Debit Credit Cash $ Supplies Prepaid insurance Equipment Accumulated depreciationEquipment $ Accounts payable Interest payable Rent payable Wages payable Property taxes payable Longterm notes payable V Ace, Capital V Ace, Withdrawals Construction revenue Depreciation expenseEquipment Wages expense Interest expense Insurance expense Rent expense Supplies expense Property taxes expense Repairs expense Utilities expense Totals $ $ Adjustments: Supplies available at the end of the current fiscal year total $ Cost of expired insurance for the current fiscal year is $ Annual depreciation on equipment is $ June utilities expense of $ is not included in the unadjusted trial balance because the bill arrived after the trial balance was prepared. The $ amount owed must be recorded. Employees have earned $ of accrued and unpaid wages at fiscal yearend. Rent expense incurred and not yet paid or recorded at fiscal yearend is $ Additional property taxes of $ have been assessed for this fiscal year but have not been paid or recorded at fiscal yearend. $ of accrued interest for June has not yet been paid or recorded. Required: Prepare a column work sheet for the current fiscal year, starting with the unadjusted trial balance and including adjustments using the above additional information. a Prepare the adjusting entries all dated June b Prepare the closing entries all dated June a Prepare the income statement for the year ended June b Prepare the statement of owner's equity for the year ended June c Prepare the classified balance sheet at June The following unadjusted trial balance is for Ace Construction Company at its June current fiscal yearend. The credit balance of the V Ace, Capital account was $ on June of the prior year, and the owner invested $ cash during the current fiscal year. ACE CONSTRUCTION COMPANY Unadjusted Trial Balance June Number Account Title Debit Credit Cash $ Supplies Prepaid insurance Equipment Accumulated depreciationEquipment $ Accounts payable Interest payable Rent payable Wages payable Property taxes payable Longterm notes payable V Ace, Capital V Ace, Withdrawals Construction revenue Depreciation expenseEquipment Wages expense Interest expense Insurance expense Rent expense Supplies expense Property taxes expense Repairs expense Utilities expense Totals $ $ Adjustments: Supplies available at the end of the current fiscal year total $ Cost of expired insurance for the current fiscal year is $ Annual depreciation on equipment is $ June utilities expense of $ is not included in the unadjusted trial balance because the bill arrived after the trial balance was prepared. The $ amount owed must be recorded. Employees have earned $ of accrued and unpaid wages at fiscal yearend. Rent expense incurred and not yet paid or recorded at fiscal yearend is $ Additional property taxes of $ have been assessed for this fiscal year but have not been paid or recorded at fiscal yearend. $ of accrued interest for June has not yet been paid or recorded. Required: Prepare a column work sheet for the current fiscal year, starting with the unadjusted trial balance and including adjustments using the above additional information. a Prepare the adjusting entries all dated June b Prepare the closing entries all dated June a Prepare the income statement for the year ended June b Prepare the statement of owner's equity for the year ended June c Prepare the classified balance sheet at June
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