Chapter 4 Completing the Accounting Cycle ACE CONSTRUCTION CO Unadjusted Trial B

Question

Chapter 4 Completing the Accounting Cycle ACE CONSTRUCTION CO Unadjusted Trial Balance June 30, 2015 Debit S 18,500 9,900 7,200 4 No. Account Title 5 101 Cash 6 126 Supplies 7 128 Prepaid insurance 8 167 Equipment 9 168 Accumulated depreciation-Equipment 10 201 Accounts payable 1 203 Interest payable 2 208 Rent payable 3 210 Wages payable 14 213 Property taxes payable 15 251 Long-term notes payable 16 301 V.Ace, Capital 7 302 V. Ace, Withdrawals 18 401 Construction fees earned 19 612 Depreciation expense-Equipment 20 623 Wages expense 21 633 Interest expense 22 637 Insurance expense 23 640 Rent expense 24 652 Supplies expense 25 683 Property taxes expense $ 26,250 6,800 25,000 88,660 33,000 132,100 46,860 2,750 0 12,000 7,800 2,910 5,890 $278,810 26 684 Repairs expense 27 690 Utilities expense 28 Totals Required 1. Prepare and complete a 10-column work sheet for fiscal year 2015, starting with the un balance and including adjustments based on these additional facts. a. The supplies available at the end of fiscal year 2015 had a cost of $3,300 b. The cost of expired insuronos C

Explanation / Answer

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ACE CONSTRUCTION COMPANY Worksheet for the month ended June 30, 2015 Unadjusted Adjustments Adjusted Income Statement Balance Sheet Account Debit Credit Debit Credit Debit Credit Debit Credit Debit Credit Cash 18500 18500 18500 Supplies 9900 6600 3300 3300 Prepaid Insurance 7200 3800 3400 3400 Equipment 132000 132000 132000 Accumulated Depreciation - Equipment 26250 8400 34650 34650 Accounts Payable 6800 650 7450 7450 Interest Payable 250 250 250 Rent Payable 500 500 500 Wages Payable 1800 1800 1800 Property Taxes Payable 1000 1000 1000 Long-term Note Payable 25000 25000 25000 V.Ace, Capital 88660 88660 86550 V.Ace, Withdrawals 33000 33000 Construction fee earned 132100 132100 132100 Depreciation Expense - Equipment 8400 8400 8400 Wages Expense 46860 1800 48660 48660 Interest Expense 2750 250 3000 3000 Insurance Expense 3800 3800 3800 Rent Expense 12000 500 12500 12500 Supplies Expense 6600 6600 6600 Property Tax expense 7800 1000 8800 8800 Repair Expense 2910 2910 2910 Utilities Expense 5890 650 6540 6540 Total 278810 278810 23000 23000 291410 291410 101210 132100 157200 157200 Income Summary 30890 Grand Total 278810 278810 23000 23000 291410 291410 132100 132100 157200 157200

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