Can i please get help with this please? I filled in the blanks with the options to show what we are working with..Also please help me understand why you picked what you did so i may study correctly , thank you. There is only 1 table second one is just showing more options, options not shown are:long term notes payable, ace capital, ace withdrawals,construction revenue, construction revenue, depreciation expense-equipment,wages expense, interest expense, insurance expense,rent expense,supplies expense, property tax expense, repair expense and utilities expense.ACE CONSTRUCTION COMPANYUnadjusted Trial BalanceJune 30NumberAccount TitleDebitCredit101Cash$ 16,500 126Supplies10,000 128Prepaid insurance7,000 167Equipment144,770 168Accumulated depreciation—Equipment $ 24,500201Accounts payable 5,400203Interest payable 0208Rent payable 0210Wages payable 0213Property taxes payable 0251Long-term notes payable 23,000301V. Ace, Capital 77,500302V. Ace, Withdrawals30,000 403Construction revenue 150,000612Depreciation expense—Equipment0 623Wages expense47,000 633Interest expense2,530 637Insurance expense0 640Rent expense12,000 652Supplies expense0 683Property taxes expense4,100 684Repairs expense2,700 690Utilities expense3,800 Totals$ 280,400$ 280,400Adjustments:Supplies available at the end of the current fiscal year total $3,600.Cost of expired insurance for the current fiscal year is $4,410.Annual depreciation on equipment is $8,300.June utilities expense of $540 is not included in the unadjusted trial balance because the bill arrived after the trial balance was prepared. The $540 amount owed must be recorded.Employees have earned $1,700 of accrued and unpaid wages at fiscal year-end.Rent expense incurred and not yet paid or recorded at fiscal year-end is $300.Additional property taxes of $700 have been assessed for this fiscal year but have not been paid or recorded at fiscal year-end.$230 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. ### Journal Entry Worksheet**Instructions:**Record the required adjusting entry, if any. Supplies available at the end of the current fiscal year total $3,600.**Note:** Enter debits before credits.#### Transaction Entry Table:| Transaction | General Journal Entry | Debit | Credit ||----------------------------|-------------------------------|-------|--------|| a. | Accounts payable | | || | Interest payable | | || | Rent payable | | || | Wages payable | | || | Property taxes payable | | || | **Property taxes payable** | | |**Actions:**- **Record Entry**: Click to record the entry after filling out the table.- **Clear Entry**: Click to clear all input fields.- **View General Journal**: Click to view the general journal.**Explanation:**At the top of the worksheet, there is a panel that allows navigation through 8 different tasks or entries, indicated by the numbered tabs (1 through 8). This provides a way to cycle through various transactions or entries one by one.The main content area includes a prompt to "Record the required adjusting entry, if any. Supplies available at the end of the current fiscal year total $3,600." This sets the context for the journal entry that needs to be made.Below the prompt, a note emphasizes the importance of entering debits before credits.The transaction entry table includes columns for the type of transaction, the general journal entry description, and separate columns to record debits and credits. There are default placeholders for common account types such as Accounts payable, Interest payable, Rent payable, and so forth.At the bottom of the worksheet, there are three buttons:1. **Record entry**: To submit the filled-out entries.2. **Clear entry**: To reset all the fields.3. **View general journal**: To review the recorded journal entries. ### Journal Entry Worksheet---**Instructional Steps for Adjusting Entry:**1. **Read the Prompt:** - Record the required adjusting entry, if any. Supplies available at the end of the current fiscal year total $3,600.2. **Note for Users:** - Before proceeding, remember to enter debits before credits.3. **Table Components:** - **Column Headers:** - **Transaction:** Indicates the type of transaction being recorded. - **General Journal:** Lists the specific accounts involved in the transactions. - **Debit:** Amounts to be debited in the journal entry. - **Credit:** Amounts to be credited in the journal entry. - **Entry Rows:** - **Cash** - Debit and Credit fields available. - **Supplies** - Debit and Credit fields available. - **Prepaid Insurance** - Debit and Credit fields available. - **Equipment** - Debit and Credit fields available. - **Equipment** - Debit and Credit fields available. - **Accumulated Depreciation—Equipment** - Debit and Credit fields available.4. **Action Buttons:** - **Record entry:** To finalize and record the journal entry. - **Clear entry:** To reset all the fields in the table. - **View general journal:** To review the entire general journal for the period.---### Explanation of the Interface:**Graphical User Interface:**This section of the educational website features an interactive journal entry worksheet. Users can navigate through different transactions by selecting the tabs at the top, numbered 1 through 8. The worksheet allows practicing the adjustment of entries with placeholders for various account names and respective debit and credit fields.Users are prompted to input values based on specific accounting scenarios, such as adjusting for supplies available at the end of the fiscal year, ensuring that their entries reflect accurate account balances.**Guidance for Use:**1. Input the necessary values into the Debit and Credit columns corresponding to the correct General Journal accounts.2. Use the Record entry button to save and submit your adjustment.3. Clear any mistakes or start over by hitting the Clear entry button.4. For an overview or to verify your entries, use the View general journal button.This worksheet is a practical tool for those studying accounting or finance, offering hands-on experience with typical journal entries encountered in practice.

Trial Balance - It is the summary of all ledger account which is open in the books of account. Trial…

Can i please get help with this please? I filled in the blanks with the options to show what we are working with..Also please help me understand why you picked what you did so i may study correctly , thank you. There is only 1 table second one is just showing more options, options not shown are:long term notes payable, ace capital, ace withdrawals,construction revenue, construction revenue, depreciation expense-equipment,wages expense, interest expense, insurance expense,rent expense,supplies expense, property tax expense, repair expense and utilities expense. ACE CONSTRUCTION COMPANY Unadjusted Trial Balance June 30 Number Account Title Debit Credit 101 Cash $ 16,500 126 Supplies 10,000 128 Prepaid insurance 7,000 167 Equipment 144,770 168 Accumulated depreciation—Equipment $ 24,500 201 Accounts payable 5,400 203 Interest payable 0 208 Rent payable 0 210 Wages payable 0 213 Property taxes payable 0 251 Long-term notes payable 23,000 301 V. Ace, Capital 77,500 302 V. Ace, Withdrawals 30,000 403 Construction revenue 150,000 612 Depreciation expense—Equipment 0 623 Wages expense 47,000 633 Interest expense 2,530 637 Insurance expense 0 640 Rent expense 12,000 652 Supplies expense 0 683 Property taxes expense 4,100 684 Repairs expense 2,700 690 Utilities expense 3,800 Totals $ 280,400 $ 280,400 Adjustments: Supplies available at the end of the current fiscal year total $3,600. Cost of expired insurance for the current fiscal year is $4,410. Annual depreciation on equipment is $8,300. June utilities expense of $540 is not included in the unadjusted trial balance because the bill arrived after the trial balance was prepared. The $540 amount owed must be recorded. Employees have earned $1,700 of accrued and unpaid wages at fiscal year-end. Rent expense incurred and not yet paid or recorded at fiscal year-end is $300. Additional property taxes of $700 have been assessed for this fiscal year but have not been paid or recorded at fiscal year-end. $230 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

Can i please get help with this please? I filled in the blanks with the options to show what we are working with..Also please help me understand why you picked what you did so i may study correctly , thank you. There is only 1 table second one is just showing more options, options not shown are:long term notes payable, ace capital, ace withdrawals,construction revenue, construction revenue, depreciation expense-equipment,wages expense, interest expense, insurance expense,rent expense,supplies expense, property tax expense, repair expense and utilities expense. ACE CONSTRUCTION COMPANY Unadjusted Trial Balance June 30 Number Account Title Debit Credit 101 Cash $ 16,500 126 Supplies 10,000 128 Prepaid insurance 7,000 167 Equipment 144,770 168 Accumulated depreciation—Equipment $ 24,500 201 Accounts payable 5,400 203 Interest payable 0 208 Rent payable 0 210 Wages payable 0 213 Property taxes payable 0 251 Long-term notes payable 23,000 301 V. Ace, Capital 77,500 302 V. Ace, Withdrawals 30,000 403 Construction revenue 150,000 612 Depreciation expense—Equipment 0 623 Wages expense 47,000 633 Interest expense 2,530 637 Insurance expense 0 640 Rent expense 12,000 652 Supplies expense 0 683 Property taxes expense 4,100 684 Repairs expense 2,700 690 Utilities expense 3,800 Totals $ 280,400 $ 280,400 Adjustments: Supplies available at the end of the current fiscal year total $3,600. Cost of expired insurance for the current fiscal year is $4,410. Annual depreciation on equipment is $8,300. June utilities expense of $540 is not included in the unadjusted trial balance because the bill arrived after the trial balance was prepared. The $540 amount owed must be recorded. Employees have earned $1,700 of accrued and unpaid wages at fiscal year-end. Rent expense incurred and not yet paid or recorded at fiscal year-end is $300. Additional property taxes of $700 have been assessed for this fiscal year but have not been paid or recorded at fiscal year-end. $230 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

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

ACE CONSTRUCTION COMPANY
Unadjusted Trial Balance
June 30
Number	Account Title	Debit	Credit
101	Cash	$ 16,500
126	Supplies	10,000
128	Prepaid insurance	7,000
167	Equipment	144,770
168	Accumulated depreciation—Equipment		$ 24,500
201	Accounts payable		5,400
203	Interest payable		0
208	Rent payable		0
210	Wages payable		0
213	Property taxes payable		0
251	Long-term notes payable		23,000
301	V. Ace, Capital		77,500
302	V. Ace, Withdrawals	30,000
403	Construction revenue		150,000
612	Depreciation expense—Equipment	0
623	Wages expense	47,000
633	Interest expense	2,530
637	Insurance expense	0
640	Rent expense	12,000
652	Supplies expense	0
683	Property taxes expense	4,100
684	Repairs expense	2,700
690	Utilities expense	3,800
	Totals	$ 280,400	$ 280,400

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.

### Journal Entry Worksheet

**Instructions:**
Record the required adjusting entry, if any. Supplies available at the end of the current fiscal year total $3,600.

**Note:** Enter debits before credits.

#### Transaction Entry Table:

| Transaction | General Journal Entry | Debit | Credit |
|----------------------------|-------------------------------|-------|--------|
| a. | Accounts payable | | |
| | Interest payable | | |
| | Rent payable | | |
| | Wages payable | | |
| | Property taxes payable | | |
| | **Property taxes payable** | | |

**Actions:**
- **Record Entry**: Click to record the entry after filling out the table.
- **Clear Entry**: Click to clear all input fields.
- **View General Journal**: Click to view the general journal.

**Explanation:**
At the top of the worksheet, there is a panel that allows navigation through 8 different tasks or entries, indicated by the numbered tabs (1 through 8). This provides a way to cycle through various transactions or entries one by one.

The main content area includes a prompt to "Record the required adjusting entry, if any. Supplies available at the end of the current fiscal year total $3,600." This sets the context for the journal entry that needs to be made.

Below the prompt, a note emphasizes the importance of entering debits before credits.

The transaction entry table includes columns for the type of transaction, the general journal entry description, and separate columns to record debits and credits. There are default placeholders for common account types such as Accounts payable, Interest payable, Rent payable, and so forth.

At the bottom of the worksheet, there are three buttons:
1. **Record entry**: To submit the filled-out entries.
2. **Clear entry**: To reset all the fields.
3. **View general journal**: To review the recorded journal entries.

### Journal Entry Worksheet

---

**Instructional Steps for Adjusting Entry:**

1. **Read the Prompt:**
- Record the required adjusting entry, if any. Supplies available at the end of the current fiscal year total $3,600.

2. **Note for Users:**
- Before proceeding, remember to enter debits before credits.

3. **Table Components:**
- **Column Headers:**
- **Transaction:** Indicates the type of transaction being recorded.
- **General Journal:** Lists the specific accounts involved in the transactions.
- **Debit:** Amounts to be debited in the journal entry.
- **Credit:** Amounts to be credited in the journal entry.

- **Entry Rows:**
- **Cash** - Debit and Credit fields available.
- **Supplies** - Debit and Credit fields available.
- **Prepaid Insurance** - Debit and Credit fields available.
- **Equipment** - Debit and Credit fields available.
- **Equipment** - Debit and Credit fields available.
- **Accumulated Depreciation—Equipment** - Debit and Credit fields available.

4. **Action Buttons:**
- **Record entry:** To finalize and record the journal entry.
- **Clear entry:** To reset all the fields in the table.
- **View general journal:** To review the entire general journal for the period.

---

### Explanation of the Interface:

**Graphical User Interface:**
This section of the educational website features an interactive journal entry worksheet. Users can navigate through different transactions by selecting the tabs at the top, numbered 1 through 8. The worksheet allows practicing the adjustment of entries with placeholders for various account names and respective debit and credit fields.

Users are prompted to input values based on specific accounting scenarios, such as adjusting for supplies available at the end of the fiscal year, ensuring that their entries reflect accurate account balances.

**Guidance for Use:**
1. Input the necessary values into the Debit and Credit columns corresponding to the correct General Journal accounts.
2. Use the Record entry button to save and submit your adjustment.
3. Clear any mistakes or start over by hitting the Clear entry button.
4. For an overview or to verify your entries, use the View general journal button.

This worksheet is a practical tool for those studying accounting or finance, offering hands-on experience with typical journal entries encountered in practice.

Definition Definition Financial statement that provides a snapshot of an organization's financial position at a specific point in time. It summarizes a company's assets, liabilities, and shareholder's equity, detailing what the company owns, what it owes, and what is left over for its owners. The balance sheet serves as a crucial tool to assess the financial health and stability of a company, as well as to help management make informed decisions about its future investments and financial obligations.

Expert Solution

Trending now

This is a popular solution!

Step by step

Solved in 5 steps

SEE SOLUTION Check out a sample Q&A here