ine aajustea triai palance for Lioya construction as of December 31, 2U2U, TOMIOWS: No. 101 104 126 149 167 168 173 174 183 193 201 203 233 251 301 302 401 406 606 612 623 633 637 652 688 690 Account Cash Short-term investments Supplies Notes receivable Equipment Accumulated depreciation, equipment Building Accumulated depreciation, building Land Franchise Accounts payable Interest payable Unearned professional revenue Long-term notes payable Amar Lloyd, capital Amar Lloyd, withdrawals Professional revenue Rent revenue Depreciation expense, building Depreciation expense, equipment Wages expense Interest expense Insurance expense Supplies expense Telephone expense Utilities expense Totals Debit Credit $ 16,500 21,500 8,100 44,500 83,000 $ 40,500 265,000 143,500 88,500 33,500 17,500 120 27,500 137,000 96,560 3,500 211, 480 28,500 20,500 8,500 64,500 660 18,500 13,300 4,900 7,700 $ 702,660 $ 702,660 An analysis of other information reveals that Lloyd Construction is required to make a $50,000 payment on the long-term notes payable during 2021. The notes receivable are due May 1, 2022. Also, Amar Lloyd invested $80,000 cash early in 2020. Required: Prepare the closing entries made at the end of the year. View transaction list 1 Record the entry to close the revenue accounts. > 2 Record the entry to close the expense accounts. 3 Record the entry to close the income summary account. 4 Record the entry to close the withdrawals account. Credit