Question
The adjusted trial balance for Lloyd Construction as of December 31, 2023, follows: No. Account Debit Credit 101 Cash $ 16,100 104 Short-term investments 21,100
The adjusted trial balance for Lloyd Construction as of December 31, 2023, follows: No. Account Debit Credit 101 Cash $ 16,100 104 Short-term investments 21,100 126 Supplies 7,700 149 Notes receivable 42,500 167 Equipment 79,000 168 Accumulated depreciation, equipment $ 38,500 173 Building 261,000 174 Accumulated depreciation, building 141,500 183 Land 86,500 193 Franchise 31,500 201 Accounts payable 17,100 203 Interest payable 140 233 Unearned professional revenue 27,100 251 Long-term notes payable 133,000 301 Amar Lloyd, capital 92,900 302 Amar Lloyd, withdrawals 3,100 401 Professional revenue 207,480 406 Rent revenue 26,500 606 Depreciation expense, building 20,100 612 Depreciation expense, equipment 8,100 623 Wages expense 64,100 633 Interest expense 620 637 Insurance expense 18,100 652 Supplies expense 12,900 688 Telephone expense 4,500 690 Utilities expense 7,300 Totals $ 684,220 $ 684,220 An analysis of other information reveals that Lloyd Construction is required to make a $46,000 payment on the long-term notes payable during 2024. The notes receivable are due May 1, 2025. Also, Amar Lloyd invested $76,000 cash early in 2023. Required: Prepare the closing entries made at the end of the year.
Step by Step Solution
There are 3 Steps involved in it
Step: 1
To prepare the closing entries for Lloyd Construction at the end of the year we will close the temporary accounts to the capital account and make necessary adjustments The temporary accounts include r...Get Instant Access to Expert-Tailored Solutions
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Step: 2
Step: 3
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