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. a. Supplies available at the end of the current fiscal year total $3,240. b. Cost of expired insurance for the current fiscal year is $4,095. c. Annual depreciation on equipment is $8,100. d. June utilities expense of $540 is not included in the unadjusted trial balance because the bill arrived after the trial balance was prepared. The $540 amount owed must be recorded. e. Employees have earned $2,000 of accrued and unpaid wages at fiscal year-end. f. Rent expense incurred and not yet paid or recorded at fiscal year-end is $300. 9. Additional property taxes of $600 have been assessed for this fiscal year but have not been paid or recorded at fiscal year-end. h. $290 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 . Complete this question by entering your answers in the tabs below. Journal entry worksheet Record the required adjusting entry, if any. Supplies available at the end of the current fiscal year total $3,240. Note: Enter debits before credits. Journal entry worksheet 5678 Record the required adjusting entry, if any. Cost of expired insurance for the current fiscal year is $4,095. Note: Enter debits before credits. Journal entry worksheet 6 7 8 Record the required adjusting entry, if any. Annual depreciation on equipment is $8,100. Note: Enter debits before credits. Journal entry worksheet Record the required adjusting entry, if any. June utilities expense of $540 is not induded in the unadjusted trial balance because the bill arrived after the trial balance was prepared. The $540 amount owed must be recorded. Nate: Enter debits before credits. repare the adjusting entries (all dated June 30 ). Journal entry worksheet 8 Record the required adjusting entry, if any. Employees have earned $2,000 of accrued and unpaid wages at fiscal year-end. Note: Enter debits before credits. urnal entry worksheet 5 8 Record the required adjusting entry, if any. Rent expense incurred and not yet paid or recorded at fiscal year-end is $300. Note: Enter debits before credits. Journal entry worksheet Record the required adjusting entry, if any. Additional property taxes of $600 have been assessed for this fiscal year but have not been paid or recorded at fiscal year-end. Note: Enter debits before credits. Journal entry worksheet Record the required adjusting entry, if any. $290 of accrued interest for June has not yet been paid or recorded. Note: Enter debits before credits
