ACE CONSTRUCTION COMPANY Unadjusted Trial Balance June 30 Number Account Title Cash 181 126 Supplies 128 Prepaid insuran

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Ace Construction Company Unadjusted Trial Balance June 30 Number Account Title Cash 181 126 Supplies 128 Prepaid Insuran 1 (60.1 KiB) Viewed 21 times

Ace Construction Company Unadjusted Trial Balance June 30 Number Account Title Cash 181 126 Supplies 128 Prepaid Insuran 2 (54.91 KiB) Viewed 21 times

Ace Construction Company Unadjusted Trial Balance June 30 Number Account Title Cash 181 126 Supplies 128 Prepaid Insuran 3 (54.26 KiB) Viewed 21 times

Ace Construction Company Unadjusted Trial Balance June 30 Number Account Title Cash 181 126 Supplies 128 Prepaid Insuran 4 (59.25 KiB) Viewed 21 times

Ace Construction Company Unadjusted Trial Balance June 30 Number Account Title Cash 181 126 Supplies 128 Prepaid Insuran 5 (46.09 KiB) Viewed 21 times

Ace Construction Company Unadjusted Trial Balance June 30 Number Account Title Cash 181 126 Supplies 128 Prepaid Insuran 6 (56.19 KiB) Viewed 21 times

ACE CONSTRUCTION COMPANY Unadjusted Trial Balance June 30 Number Account Title Cash 181 126 Supplies 128 Prepaid insurance 167 Equipment 168 Accumulated depreciation-Equipment Accounts payable 201 203 Interest payable 208 Rent payable 210 Wages payable 213 Property taxes payable 251 Long-term notes payable V. Ace, Capital 301 382 V. Ace, Withdrawals Construction revenue 403 612 Depreciation expense-Equipment 623 Wages expense 633 Interest expense 637 Insurance expense 640 Rent expense 652 Supplies expense 683 Property taxes expense 684 Repairs expense 690 Utilities expense Totals Adjustments: a. Supplies available at the end of the current fiscal year total $3,420. b. Cost of expired insurance for the current fiscal year is $3,150. c. Annual depreciation on equipment is $8,100. d. June utilities expense of $570 is not included in the unadjusted trial balance because the bill arrived after the trial balance was prepared. The $570 amount owed must be recorded. e. Employees have earned $1,800 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. g. Additional property taxes of $800 have been assessed for this fiscal year but have not been paid or recorded at fiscal year-end. h. $240 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. Debit Credit $ 18,000 9,500 5,000 138,860 $ 27,500 5,000 e 0 e 24,000 85,400 33,500 133,000 0 43,000 2,640 0 14,000 0 4,800 2,400 3,200 $ 274,900 $274,900
Number Account Title 101 Cash 126 Supplies 128 Prepaid insurance 167 Equipment 168 Accumulated depreciation Equipment 201 Accounts payable 203 Interest payable 200 Rent payable 210 Wages payable 213 Property taxes payable 251 Long-term notes payable 301 V. Ace Capital 302 V. Ace. Withdrawals 403 Construction revenue 012 Depreciation expense-Equipment 623 Wages expense 633 Interest expense 637 Insurance expense 640 Rent expense 652 Supplies expense 663 Property taxes expense 684 Repairs expense 600 Usities expense Totals Net Income Totals Unadjusted Trial Balance Debit Credit $ 18,000 9.500 5.000 138.860 27,500 5.000 24,000 85.400 133,000 ACE CONSTRUCTION COMPANY Work Sheet For Year Ended June 30 Adjustments Credit Debit 33.500 43,000 2,640 14.000 4.800 2,400 3,200 $274,900 $274,900 $ 05 0$ Adjusted Trial Balance Credit Debit OS Sanders 0 $ Income Statement Debit Credit 0 OS 0$ Balance Sheet and Statement of Owner's Equity Debit Credit 0 0 0$
Required 1 Required 2A Required 28 Required 3A Required 38 Required 3C Prepare the closing entries (all dated June 30). No Date General Journal June 30 Construction revenue Income summary June 30 1 2 3 4 June 30 June 30 Income summary Depreciation expense-Equipment Wages expense Interest expense Insurance expense Rent expense Supplies expense Property taxes expense Repairs expense Utilities expense Income summary V. Ace, Capital V. Ace, Capital V. Ace, Withdrawals < Required 2A Required 3A > >>> > Debit Credit
Required 1 Required 2A Required 28 Required 3A Required 38 Required 3C Prepare the income statement for the year ended June 30. ACE CONSTRUCTION COMPANY Income Statement For Year Ended June 30 Revenues: Construction revenue Expenses: Depreciation expense-Equipment Wages expense Interest expense Insurance expense Rent expense Supplies expense Property taxes expense Repairs expense Utilities expense Total expenses Net income SUO < Required 2B Required 3B >
Required 1 Required 2A Required 2B Required 3A Required 3B Prepare the statement of owner's equity for the year ended June 30. ACE CONSTRUCTION COMPANY Statement of Owner's Equity For Year Ended June 30 V, Ace, Capital, June 30 prior year Add: Investments by owner Add: Net income 0 Less: Withdrawals by owner V. Ace, Capital, June 30 current year < Required 3A 0 Required 3C Required 3C >
Required 1 Required 2A Required 28 Required 3A Prepare the classified balance sheet at June 30. ACE CONSTRUCTION COMPANY Balance Sheet June 30 Assets Current assets Cash Supplies Prepaid insurance Total current assets Plant assets Equipment Accumulated depreciation-Equipment Total assets Current liabilities Accounts payable Interest payable Rent payable Wages payable Property taxes payable G Total current liabilities Noncurrent liabilities Long-term notes payable Total liabilities V. Ace, Capital Total liabilities and equity Liabilities Equity >> > S 18,000 < Required 38 Required 38 Required 3C $ S $ 18,000 0 18,000 0 0 0 Required 30