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 $59,600 on June 30 of the prior year , and the owner invested $24,000 cash during the current fiscal year ACE CONSTRUCTION COMPANYUnadjusted Trial BalanceJune 30NumberAccount TitleDebitCredit101Cash$ 16,000126Supplies8,500128Prepaid insurance6,000167Equipment152,030168Accumulated depreciationEquipment$ 27,500201Accounts payable5,400203Interest payable0208Rent payable0210Wages payable0213Property taxes payable0251Long term notes payable27,000301V Ace, Capital83,600302V Ace, Withdrawals32,500403Construction revenue140,000612Depreciation expenseEquipment0623Wages expense43,000633Interest expense2,970637Insurance expense0640Rent expense11,000652Supplies expense0683Property taxes expense4,700684Repairs expense2,800690Utilities expense4,000Totals$ 283,500$ 283,500 Adjustments Supplies available at the end of the current fiscal year total $3,060 Cost of expired insurance for the current fiscal year is $3,780 Annual depreciation on equipment is $8,800 June utilities expense of $580 is not included in the unadjusted trial balance because the bill arrived after the trial balance was prepared The $580 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 $800 have been assessed for this fiscal year but have not been paid or recorded at fiscal year end $270 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 $59,600 on June 30 of the prior year, and the owner invested $24,000 cash during the current fiscal year.

ACE CONSTRUCTION COMPANYUnadjusted Trial BalanceJune 30NumberAccount TitleDebitCredit101Cash$ 16,000126Supplies8,500128Prepaid insurance6,000167Equipment152,030168Accumulated depreciationEquipment$ 27,500201Accounts payable5,400203Interest payable0208Rent payable0210Wages payable0213Property taxes payable0251Long-term notes payable27,000301V. Ace, Capital83,600302V. Ace, Withdrawals32,500403Construction revenue140,000612Depreciation expenseEquipment0623Wages expense43,000633Interest expense2,970637Insurance expense0640Rent expense11,000652Supplies expense0683Property taxes expense4,700684Repairs expense2,800690Utilities expense4,000Totals$ 283,500$ 283,500

Adjustments:

Supplies available at the end of the current fiscal year total $3,060.
Cost of expired insurance for the current fiscal year is $3,780.
Annual depreciation on equipment is $8,800.
June utilities expense of $580 is not included in the unadjusted trial balance because the bill arrived after the trial balance was prepared. The $580 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 $800 have been assessed for this fiscal year but have not been paid or recorded at fiscal year-end.
$270 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.