The adjusted trial balance for Lloyd Construction as of December 31, 2023, follows: Debit $ 15,300...

Transcribed Image Text:

The adjusted trial balance for Lloyd Construction as of December 31, 2023, follows: Debit $ 15,300 20,300 6,900 No. 101 Cash 104 Short-term investments 126 Supplies 149 167 Equipment 168 Accumulated depreciation, equipment 173 Building 174 Accumulated depreciation, building 183 Land 193 201 Notes receivable. Account Franchise Accounts payable Interest payable Unearned professional revenue 203 233 251 Long-term notes payable Amar Lloyd, capital 301 Amar Lloyd, withdrawals 302 401 Professional revenue 406 606 Rent revenue Depreciation expense, building 612 Depreciation expense, equipment 623 633 637 652 688 690 Wages expense Interest expense Insurance expense Supplies expense Telephone expense Utilities expense Totals 38,500 71,000 Required: 1. Prepare the closing entries made at the end of the year. 253,000 82,500 27,500 2,300 Credit $ 34,500 137,500 16,300 120 26,300 125,000 85,640 199,480 22,500 19,300 7,300 63,300 540 17,300 12, 100 3,700 6,500 $647,340 $647,340 An analysis of other information reveals that Lloyd Construction is required to make a $41,500 payment on the long-term notes payable during 2024. The notes receivable are due May 1, 2025. Also, Amar Lloyd invested $68,000 cash early in 2023. The adjusted trial balance for Lloyd Construction as of December 31, 2023, follows: Debit $ 15,300 20,300 6,900 No. 101 Cash 104 Short-term investments 126 Supplies 149 167 Equipment 168 Accumulated depreciation, equipment 173 Building 174 Accumulated depreciation, building 183 Land 193 201 Notes receivable. Account Franchise Accounts payable Interest payable Unearned professional revenue 203 233 251 Long-term notes payable Amar Lloyd, capital 301 Amar Lloyd, withdrawals 302 401 Professional revenue 406 606 Rent revenue Depreciation expense, building 612 Depreciation expense, equipment 623 633 637 652 688 690 Wages expense Interest expense Insurance expense Supplies expense Telephone expense Utilities expense Totals 38,500 71,000 Required: 1. Prepare the closing entries made at the end of the year. 253,000 82,500 27,500 2,300 Credit $ 34,500 137,500 16,300 120 26,300 125,000 85,640 199,480 22,500 19,300 7,300 63,300 540 17,300 12, 100 3,700 6,500 $647,340 $647,340 An analysis of other information reveals that Lloyd Construction is required to make a $41,500 payment on the long-term notes payable during 2024. The notes receivable are due May 1, 2025. Also, Amar Lloyd invested $68,000 cash early in 2023.

Answer rating: 100% (QA)

1 Close Revenue Accounts Debit Income Summary Credit Service Revenue Interest Revenue and U... View the full answer