The adjusted trial balance for Lloyd Construction as of December 31, 2014, follows:

An analysis of other information reveals that Lloyd Construction is required to make a $45,000 payment on the long-term notes payable during 2015. The notes receivable are due May 1, 2016. Also, Sig Lloyd invested $75,000 cash early in 2014.
Required
Prepare the closing entries made at the end of the year.

Transcribed Image Text:

No. Account Debit Credit 101 Cash 104 Short-term investments 126 Supplies 149 Notes receivable 167 Equipment 16,000 21,000 7,600 42,000 78,000 S 38,000 173 Building 174 Accumulated depreciation, building 183 Land 193 Franchise 20 Accounts payable 203 Interest payable 233 Unearned professional fees 251 Long-term notes payable 30 Sig Lloyd, capital 302 Sig Lloyd, withdrawals 401 Professional fees earned 406 Rent earned 606 Depreciation expense, building 612 Depreciation expense, equipment. 623 Wages expense 633 Interest expense 637 nsurance expense 260,000 141,000 86,000 31,000 17,000 130 27,000 132,000 92,000 3,000 206,480 26,000 20,000 8,000 64,000 610 18,000 12,800 4,400 7,200 688 Telephone expense 690 Utilities expense Totals 679,610 $679,610