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The following unadjusted trial balance is for ACE CONSTRUCTION CO. as of the end of its 2017 fiscal year. The June 30, 2016, credit balance of the owner's capital account was $58,300, and the owner invested $22,000 cash in the company during the 2017 fiscal year. Credit Debit $ 15,500 8,000 6,500 142,120 ACE CONSTRUCTION CO. Unadjusted Trial Balance June 30, 2017 No. Account Title 101 Cash 126 Supplies 128 Prepaid insurance 167 Equipment 168 Accumulated depreciation-Equipment 201 Accounts payable 203 Interest payable 208 Rent payable 210 Wages payable 213 Property taxes payable 251 Long-term notes payable 301 v. Ace, Capital 302 V. Ace, Withdrawala 401 Construction fees earned 612 Depreciation expense-Equipment 623 Wages expense 633 Interest expense 637 Insurance expense 640 Rent expense 652 Supplies expense 683 Property taxes expense 684 Repair expense 690 Utilities expense Totals $ 23,000 5,400 0 0 0 0 28,000 80,300 33,000 141,000 0 46.000 3,080 0 13,000 0 4,600 2,300 3.600 $277,700 $277,700 Adjustments: a. The supplies available at the end of fiscal year 2017 had a cost of $2,880. b. The cost of expired insurance for the fiscal year is $4,095. c. Annual depreciation on equipment is $8,400. d. The June utilities expense of $510 is not included in the unadjusted trial balance because the bill arrived after the trial balance was prepared. The $510 amount owed needs to be recorded. e. The company's employees have earned $1,400 of accrued wages at fiscal year-end. f. The rent expense incurred and not yet paid or recorded at fiscal year-end is $400. 9. Additional property taxes of $700 have been assessed for this fiscal year but have not been paid or recorded in the accounts. h. The long-term note payable bears interest at 12% per year. The unadjusted Interest Expense account equals the amount paid for the first 11 months of the 2017 fiscal year. The $280 accrued interest for June has not yet been paid or recorded. (The company is required to make a $4,500 payment toward the note payable during the 2018 fiscal year.) Required: 1. Prepare a 10-column work sheet for fiscal year 2017. starting with the unadjusted trial balance and including adjustments based on the additional facts. 2a. Prepare the adjusting entries. (all dated June 30, 2017) 2b. Prepare the closing entries. (all dated June 30, 2017): 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, 2017 Required Required Required 2 Rered JA ured Required Pepere10.com worksheet for fiscal year 2017, starting with the unadjusted trial balance and including adjustments based on the additional facts. The June 30, 2016, credit bance of the owner's captant 158300, and the owner invested $22000 cash in the company during the 2017 fiscal year ACE CONSTRUCTION CO. Work Shel For Year End June 10, 2017 Adium Aud Talance Incoment yalar Balance br CP 5 15.500 1.000 Balance sheet and want Owner's De Ch De Cr Dr 6.500 142.120 23,000 5.400 Acecom 10 Cat 120Supps 120 din 167 upent 1 An depreca-E 201 Apayah 200 nereti 205 Rere 200 Wages payable 7) Property taxes payable 220 C portion of Langlamp 11. Lone 201 V. Ace Capital 300 AC, W 401 Conection ward 12 Depreciation 23 Wege 63 ans 4300 23.500 10.300 4300 23.500 20,000 141.000 000 3.080 13.000 $40 arteren 82 Duo 4.600 2.300 2.000 the 1 Respected and return portano ad arrivare som Required 1 Required 2A Required 28 Required 3A Required 38 Required 3C Prepare the adjusting entries (all dated June 30, 2017). View transaction list Journal entry worksheet 1 2 3 4 5 6 7 8 The supplies available at the end of fiscal year 2017 had a cost of $2,880. Note: Enter debits before credits Debit General Journal Transation Credit Record entry Clear entry View general Journal Complete this question by entering your answers in the tabs below. Required 1 Required 2A Required 28 Required 3A Required 38 Required 3C Prepare the adjusting entries (all dated June 30, 2017) View transaction lit Journal entry worksheet Complete this question by entering your answers in the tabs below Required 1 Required 2A Required 28 Required 3A Required 30 Required 3C Prepare the closing entries (all dated June 30, 2017). View transaction list Journal entry worksheet Record the entry to close income summary account. Note: Enter debits before credits Date General Journal Debit Credit Jun 30 Record entry Clear entry View general Journal Complete this question by entering your answers in the tabs below Required: Required 2A Required 28 Required JA Required 38 Required 3 Prepare the income statement for the year ended June 30, 2017 ACE CONSTRUCTION CO. Income Statement For Year Ended June 30, 2017 Revenues Expenses Total expenses Required 1 Required 2A Required 2B Required 3A Required 3B Required 3C Prepare the classified balance sheet at June 30, 2017 ACE CONSTRUCTION CO. Balance Sheet June 30, 2017

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