The adjusted trial balance for Lloyd Construction as of December 31, 2020, follows: An analysis of other

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The adjusted trial balance for Lloyd Construction as of December 31, 2020, follows:

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An analysis of other information reveals that Lloyd Construction is required to make a $41,500 payment on the long-term notes payable during 2021. The notes receivable are due May 1, 2022. Also, Amar Lloyd invested $68,000 cash early in 2020.

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Prepare the closing entries made at the end of the year.

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Fundamental Accounting Principles Volume I

ISBN: 978-1260305821

16th Canadian edition

Authors: Kermit Larson, Tilly Jensen, Heidi Dieckmann

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