The question is asking me to prepare a worksheet with the following information: Problem 4-2A Pre… Assignment Help

  

The question is asking me to prepare a worksheet with thefollowing information:Problem 4-2A Preparing a work sheet, adjusting and closingentries, and financial statements LO C3, P1, P2[The following information applies to the questionsdisplayed below.]The following unadjusted trial balance is for ACE CONSTRUCTIONCO. as of the end of its 2015 fiscal year. The June 30, 2014,credit balance of the owner’s capital account was $50,700, and theowner invested $28,000 cash in the company during the 2015 fiscalyear.ACE CONSTRUCTION CO.Unadjusted Trial BalanceJune 30, 2015No.AccountTitleDebitCredit101Cash$15,000  126Supplies7,000  128Prepaid insurance5,000  167Equipment142,600  168Accumulateddepreciation—Equipment$25,500  201Accounts payable6,000  203Interest payable0  208Rent payable0  210Wages payable0  213Property taxes payable0  251Long-term notes payable20,000  301V. Ace, Capital78,700  302V. Ace, Withdrawals32,000  401Construction fees earned140,000  612Depreciationexpense—Equipment0  623Wages expense43,000  633Interest expense2,200  637Insurance expense0  640Rent expense11,000  652Supplies expense0  683Property taxes expense4,800  684Repairs expense2,700  690Utilities expense4,900  Totals$270,200  $270,200  Adjustments:  a.The supplies available at theend of fiscal year 2015 had a cost of $2,520.b.The cost of expired insurancefor the fiscal year is $3,150.c.Annual depreciation on equipmentis $8,700.d.The June utilities expense of $560 is not included in theunadjusted trial balance because the bill arrived after the trialbalance was prepared. The $560 amount owed needs to berecorded.e.The company’s employees haveearned $2,000 of accrued wages at fiscal year-end.f.The rent expense incurred andnot yet paid or recorded at fiscal year-end is $300.g.Additional property taxes of $600 have been assessed for thisfiscal year but have not been paid or recorded in the accounts.h.The long-term note payable bears interest at 12% per year. Theunadjusted Interest Expense account equals the amount paid for thefirst 11 months of the 2015 fiscal year. The $200 accrued interestfor June has not yet been paid or recorded. (The company isrequired to make a $5,000 payment toward the note payable duringthe 2016 fiscal year.)Show transcribed image text M chapter C D ezto mheducation co 0,3526696/2-0260626 14963 J4655432 adjusted Balance Sheet and Statment of Equity Account Dr. Cr. Dr. cr. Dr. Cr. Dr. Cr. Dr. Cr. No. Cash 15.000 120 Supplies 7,000 12B Prepaid Insurance 5.000 142,600 167 Equipment 6H Accumul ated depreciation-Equipment 6,000 201 Aucourts payable 203 Interest payable 208 R 210 Weges payable Property laxes payable 220 Current portion of Long-term notes payable 25 30 V Acer Capital 78,700 302 v Ace. Withdrawals Construction fees eemed 140,000 Depreciation expense Fouipment 13,000 623 Wages expense nterest expense 637 risurarite experi Rent expense 652 Supplies expense 4,800 683 Property taxes expense 684 Repairs exverise 2.700 900 690 Utilities expense Totals 270,200 270,200 CS OS OS 0 0 0

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