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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 account was $$55,500$ on June $30$ of the prior year, and the owner invested $$27,000$ cash during the current fiscal year.

ACE CONSTRUCTION COMPANY

Unadjusted Trial Balance

June $30$

Number Account Title Debit Credit

$101$ Cash $ $20,000$

$126$ Supplies $8,500$

$128$ Prepaid insurance $6,000$

$167$ Equipment $141,320$

$168$ Accumulated depreciation$$Equipment $ $22,500$

$201$ Accounts payable $6,400$

$203$ Interest payable $0$

$208$ Rent payable $0$

$210$ Wages payable $0$

$213$ Property taxes payable $0$

$251$ Long$-$term notes payable $28,000$

$301$ V$.$ Ace, Capital $82,500$

$302$ V$.$ Ace, Withdrawals $31,000$

$403$ Construction revenue $140,000$

$612$ Depreciation expense$$Equipment $0$

$623$ Wages expense $45,000$

$633$ Interest expense $3,080$

$637$ Insurance expense $0$

$640$ Rent expense $14,000$

$652$ Supplies expense $0$

$683$ Property taxes expense $4,900$

$684$ Repairs expense $2,400$

$690$ Utilities expense $3,200$

Totals $ $279,400$ $ $279,400$

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 $$8,400.$

June utilities expense of $$560$ is not included in the unadjusted trial balance because the bill arrived after the trial balance was prepared. The $$560$ amount owed must be recorded.

Employees have earned $$1,000$ of accrued and unpaid wages at fiscal year$-$end.

Rent expense incurred and not yet paid or recorded at fiscal year$-$end is $$400.$

Additional property taxes of $$900$ have been assessed for this fiscal year but have not been paid or recorded at fiscal year$-$end.

$$280$ 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.

$2$a$.$ Prepare the adjusting entries $($all dated June $30).$

$2$b$.$ Prepare the closing entries $($all dated June $30).$

$3$a$.$ Prepare the income statement for the year ended June $30.$

$3$b$.$ Prepare the statement of owner's equity for the year ended June $30.$

$3$c$.$ Prepare the classified balance sheet at June $30.$

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