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 $53,660 on June 30 of the prior year , and the owner invested $35,000 cash during the current fiscal year ACE CONSTRUCTION COMPANY Unadjusted Trial Balance June 30 Number Account Title Debit Credit 101 Cash $ 18,500 126 Supplies 9,900 128 Prepaid insurance 7,200 167 Equipment 132,000 168 Accumulated depreciationEquipment $ 26,250 201 Accounts payable 6,800 203 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 88,660 302 V Ace, Withdrawals 33,000 403 Construction revenue 132,100 612 Depreciation expenseEquipment 0 623 Wages expense 46,860 633 Interest expense 2,750 637 Insurance expense 0 640 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 Adjustments Supplies available at the end of the current fiscal year total $3,300 Cost of expired insurance for the current fiscal year is $3,800 Annual depreciation on equipment is $8,400 June utilities expense of $650 is not included in the unadjusted trial balance because the bill arrived after the trial balance was prepared The $650 amount owed must be recorded Employees have earned $1,800 of accrued and unpaid wages at fiscal year end Rent expense incurred and not yet paid or recorded at fiscal year end is $500 Additional property taxes of $1,000 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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Posted on Jul 30, 2024

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 $53,660 on June 30 of the prior year, and the owner invested $35,000 cash during the current fiscal year.

ACE CONSTRUCTION COMPANY
Unadjusted Trial Balance
June 30
Number	Account Title	Debit	Credit
101	Cash	$ 18,500
126	Supplies	9,900
128	Prepaid insurance	7,200
167	Equipment	132,000
168	Accumulated depreciationEquipment		$ 26,250
201	Accounts payable		6,800
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		88,660
302	V. Ace, Withdrawals	33,000
403	Construction revenue		132,100
612	Depreciation expenseEquipment	0
623	Wages expense	46,860
633	Interest expense	2,750
637	Insurance expense	0
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

Adjustments:

Supplies available at the end of the current fiscal year total $3,300.
Cost of expired insurance for the current fiscal year is $3,800.
Annual depreciation on equipment is $8,400.
June utilities expense of $650 is not included in the unadjusted trial balance because the bill arrived after the trial balance was prepared. The $650 amount owed must be recorded.
Employees have earned $1,800 of accrued and unpaid wages at fiscal year-end.
Rent expense incurred and not yet paid or recorded at fiscal year-end is $500.
Additional property taxes of $1,000 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.

Step by Step Solution

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Step: 1

1 10Column Worksheet with Adjustments Account Title Unadjusted Debit Unadjusted Credit Adjustments Debit Adjustments Credit Adjusted Debit Adjusted Credit Cash 18500 18500 Supplies 9900 6600 3300 Prep... blur-text-image