The adjusted trial balance for Lloyd Construction as of December 31, 2020, follows: An analysis of other
Question:
The adjusted trial balance for Lloyd Construction as of December 31, 2020, follows:
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.
Required
Prepare the closing entries made at the end of the year.
No. Account Debit Credit $ 15,300 101 Cash Current investments. 104 20,300 126 Supplies. 6,900 149 Notes receivable. 38,500 Equipment. Accumulated depreciation, equipment. 167 71,000 $ 34,500 168 173 Building. 253,000 Accumulated depreciation, building. 174 137,500 Land. 183 82,500 193 Franchise. 27,500 Accounts payable. 201 16,300 Interest payable. 203 120 233 Unearned professional revenue. 26,300 251 Long-term notes payable. 125,000 Amar Lloyd, capital. 85,640 301 302 Amar Lloyd, withdrawals. 2,300 Professional revenue. 199,480 401 406 Rent revenue.. Depreciation expense, building. Depreciation expense, equipment. Wages expense.. 22,500 606 19,300 7,300 612 63,300 623 540 633 Interest expense 17,300 637 Insurance expense Supplies expense Telephone expense. 652 12,100 688 3,700 Utilities expense. 690 6,500 $647,340 $647,340 Totals
Step by Step Answer:
2020 Closing entries Dec 31 Professional Revenue 199480 Rent Revenue 22500 Income Summary 22...View the full answer
Fundamental Accounting Principles Volume I
ISBN: 978-1260305821
16th Canadian edition
Authors: Kermit Larson, Tilly Jensen, Heidi Dieckmann
Related Video
A trial balance is a list of all the general ledger accounts contained in the ledger of a business. This list will contain the name of each nominal ledger account and the value of that nominal ledger balance. Each nominal ledger account will hold either a debit balance or a credit balance
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