Question
The adjusted trial balance for Lloyd Construction as of December 31, 2020, follows: No. 101 Account Cash Debit $ 15,700 Credit 104 Short-term investments 20,700
The adjusted trial balance for Lloyd Construction as of December 31, 2020, follows: No. 101 Account Cash Debit $ 15,700 Credit 104 Short-term investments 20,700 126 Supplies 7,300 149 Notes receivable 40,500 167 Equipment 75,000 168 Accumulated depreciation, equipment $ 36,500 173 Building 257,000 174 Accumulated depreciation, building 139,500 183 Land 84,500 193 Franchise 29,500 201 Accounts payable 16,700 203 Interest payable 140 233 Unearned professional revenue 26,700 251 Long-term notes payable 129,000 301 Amar Lloyd, capital 89,260 302 Amar Lloyd, withdrawals 2,700 401 Professional revenue 203,480 406 Rent revenue 24,500 606 Depreciation expense, building 19,700 612 Depreciation expense, equipment 7,700 623 Wages expense 63,700 633 Interest expense 580 637 Insurance expense 17,700 652 Supplies expense 12,500 688 690 Telephone expense 4.100 Utilities expense Totals 6,900 $665,780 $665,780 An analysis of other information reveals that Lloyd Construction is required to make a $42,000 payment on the long-term notes payable during 2021. The notes receivable are due May 1, 2022. Also, Amar Lloyd Invested $72,000 cash early in 2020. Required: Required: Prepare the closing entries made at the end of the year. View transaction list Journal entry worksheet 1 2 3 4 Record the entry to close the revenue accounts. Note: Enter debits before credits. Date Dec. 31, 2020 General Journal Debit Credit Record entry Clear entry View general journal
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