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Summary Questioning unadjusted trial balance is for Ace Construction Co. at its June 30 current fi
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ing unadjusted trial balance is for Ace Construction C1Questioning unadjusted trial balance is for Ace Construction Co. at its June 30 current fiscal yearend. The credit balance of the V. Ace, Capital account was $53,660 on June 30 of the prior year, and the owner invested $35,000 cash during the c...

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  • October 6, 2024
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  • 2024/2025
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Question


ing unadjusted trial balance is for Ace Construction Co. at its June 30 current

fiscal yearend. The credit balance of the V. Ace, Capital account was $53,660 on

June 30 of the prior year, and the owner invested $35,000 cash during the

current fiscal year.




Answer & Explanation


To determine the current balance of the V. Ace, Capital account at June 30 of the

current fiscal year, we need to consider the following:


1. Beginning Capital Balance: This is given as $53,660 on June 30 of the

prior year.


2. Owner's Investment During Current Year: The owner invested an

additional $35,000 cash during the current fiscal year.


3. Net Income or Loss for Current Year: This information is typically

needed to adjust the capital account but is not provided in your question.

If you have this information from an income statement or other financial

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