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 $27,000 cash during the current fiscal year ACE CONSTRUCTION COMPANY Unadjusted Trial Balance June 30 Number Account Title Debit Credit 101 Cash $ 17,000 126 Supplies 8,000 128 Prepaid insurance 6,000 167 Equipment 130,350 168 Accumulated depreciationEquipment $ 21,500 201 Accounts payable 6,000 203 Interest payable 0 208 Rent payable 0 210 Wages payable 0 213 Property taxes payable 0 251 Long term notes payable 25,000 301 V Ace, Capital 81,300 302 V Ace, Withdrawals 29,000 403 Construction revenue 134,000 612 Depreciation expenseEquipment 0 623 Wages expense 50,000 633 Interest expense 2,750 637 Insurance expense 0 640 Rent expense 15,000 652 Supplies expense 0 683 Property taxes expense 4,400 684 Repairs expense 2,200 690 Utilities expense 3,100 Totals $ 267,800 $ 267,800 Adjustments Supplies available at the end of the current fiscal year total $2,880 Cost of expired insurance for the current fiscal year is $3,780 Annual depreciation on equipment is $8,600 June utilities expense of $520 is not included in the unadjusted trial balance because the bill arrived after the trial balance was prepared The $520 amount owed must be recorded Employees have earned $1,100 of accrued and unpaid wages at fiscal year end Rent expense incurred and not yet paid or recorded at fiscal year end is $300 Additional property taxes of $900 have been assessed for this fiscal year but have not been paid or recorded at fiscal year end $250 of accrued interest for June has not yet been paid or recorded Required 1 Prepare a 10 column work sheet for the current fiscal year, starting with the unadjusted trial balance and including adjustments using the above additional information 2a Prepare the adjusting entries (all dated June 30) 2b Prepare the closing entries (all dated June 30) 3a Prepare the income statement for the year ended June 30 3b Prepare the statement of owner's equity for the year ended June 30 3c Prepare the classified balance sheet at June 30

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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

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 $27,000 cash during the current fiscal year.

Number	Account Title	Debit	Credit
ACE CONSTRUCTION COMPANY
Unadjusted Trial Balance
June 30
101	Cash	$ 17,000
126	Supplies	8,000
128	Prepaid insurance	6,000
167	Equipment	130,350
168	Accumulated depreciationEquipment		$ 21,500
201	Accounts payable		6,000
203	Interest payable		0
208	Rent payable		0
210	Wages payable		0
213	Property taxes payable		0
251	Long-term notes payable		25,000
301	V. Ace, Capital		81,300
302	V. Ace, Withdrawals	29,000
403	Construction revenue		134,000
612	Depreciation expenseEquipment	0
623	Wages expense	50,000
633	Interest expense	2,750
637	Insurance expense	0
640	Rent expense	15,000
652	Supplies expense	0
683	Property taxes expense	4,400
684	Repairs expense	2,200
690	Utilities expense	3,100
	Totals	$ 267,800	$ 267,800

Adjustments:

Supplies available at the end of the current fiscal year total $2,880.
Cost of expired insurance for the current fiscal year is $3,780.
Annual depreciation on equipment is $8,600.
June utilities expense of $520 is not included in the unadjusted trial balance because the bill arrived after the trial balance was prepared. The $520 amount owed must be recorded.
Employees have earned $1,100 of accrued and unpaid wages at fiscal year-end.
Rent expense incurred and not yet paid or recorded at fiscal year-end is $300.
Additional property taxes of $900 have been assessed for this fiscal year but have not been paid or recorded at fiscal year-end.
$250 of accrued interest for June has not yet been paid or recorded.

Required: 1. Prepare a 10-column work sheet for the current fiscal year, starting with the unadjusted trial balance and including adjustments using the above additional information. 2a. Prepare the adjusting entries (all dated June 30). 2b. Prepare the closing entries (all dated June 30). 3a. Prepare the income statement for the year ended June 30. 3b. Prepare the statement of owner's equity for the year ended June 30. 3c. Prepare the classified balance sheet at June 30.