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Prepare the required adjusting entries and closing entries for Ace Construction Company.The unadjusted trial balance for Ace Construction Co. as of June 30, 2017, the end of its fiscal year, is found on the trial balance tab. The June 30, 2016, credit balance of the owners capital account was $53,660, and the owner invested $35,000 cash in the company during the 2017 fiscal year. Information for adjustments is as follows:

The supplies available at the end of fiscal year 2017 had a cost of $3,300.

The cost of expired insurance for the fiscal year is $3,800.

Annual depreciation on equipment is $8,400.

The June utilities expense of $650 is not included in the unadjusted trial balance because the bill arrived after the trial balance was prepared. The $650 amount owed needs to be recorded.

The companys employees have earned $1,800 of accrued wages at fiscal year-end.

The rent expense incurred and not yet paid or recorded at fiscal year-end is $500.

Additional property taxes of $1,000 have been assessed for this fiscal year but have not been paid or recorded in the accounts.

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 $250 accrued interest for June has not yet been paid or recorded. (The company is required to make a $5,000 payment toward the note payable during the 2018 fiscal year.)

October 20, 2017, 3:39 AM The supplies available at the end of fiscal year 2017 had a cost of $3,300. Record the required adjusting entry, if any. The cost of expired insurance for the fiscal year is $3,800. Record the required adjusting entry, if any Annual depreciation on equipment is $8,400. Record the required adjusting entry, if any. The June utilities expense of S650 is not included in the unadjusted trial balance because the bill arrived after the trial balance was prepared. The $650 amount owed needs to be recorded. Record the required adjusting entry, if any The company's employees have earned S1,800 of accrued wages at fiscal year-end. Record the required adjusting entry, if any. The rent expense incurred and not yet paid or recorded at fiscal year-end is $500. Record the required adjusting entry, if any Additional property taxes of $1,000 have been assessed for this fiscal year but have not been paid or recorded in the accounts. Record the required adjusting entry, if any The long-term note payable bears interest at 12% per year. The unadjusted Interest Expense account equals the amount paid for the first 1 1 months of the 2017 fiscal year. The $250 accrued interest for June has not yet been paid or recorded. (The company is required to make a $5,000 payment toward the note payable during the 2018 fiscal year) Record the required adjusting entry, if any Record the entry to close the revenue account(s) 10 Record the entry to close the expense account(s). Record the entry to close Income summary 12 Record the entry to close the owner's withdrawals account. October 20, 2017, 3:39 AM The supplies available at the end of fiscal year 2017 had a cost of $3,300. Record the required adjusting entry, if any. The cost of expired insurance for the fiscal year is $3,800. Record the required adjusting entry, if any Annual depreciation on equipment is $8,400. Record the required adjusting entry, if any. The June utilities expense of S650 is not included in the unadjusted trial balance because the bill arrived after the trial balance was prepared. The $650 amount owed needs to be recorded. Record the required adjusting entry, if any The company's employees have earned S1,800 of accrued wages at fiscal year-end. Record the required adjusting entry, if any. The rent expense incurred and not yet paid or recorded at fiscal year-end is $500. Record the required adjusting entry, if any Additional property taxes of $1,000 have been assessed for this fiscal year but have not been paid or recorded in the accounts. Record the required adjusting entry, if any The long-term note payable bears interest at 12% per year. The unadjusted Interest Expense account equals the amount paid for the first 1 1 months of the 2017 fiscal year. The $250 accrued interest for June has not yet been paid or recorded. (The company is required to make a $5,000 payment toward the note payable during the 2018 fiscal year) Record the required adjusting entry, if any Record the entry to close the revenue account(s) 10 Record the entry to close the expense account(s). Record the entry to close Income summary 12 Record the entry to close the owner's withdrawals account

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