3 Required:Prepare the closing entries made at the end of the year.View transaction listJournal entry worksheet2Record the entry to close the revenue accounts.Note: Enter debits before credits.DateGeneral JournalDec 31, 2020Clear entryRecord entryASO, A Cruyu veste 370,000 cosir euny in 202x4DebitCreditView general journal The adjusted trial balance for Lloyd Construction as of December 31, 2020, follows:No.AccountDebitCredit191 Cash104 Short-term investments$ 15,50020,5007,100126Supplies149Notes receivable39,500167Equipment73,000168 Accumulated depreciation, equipment$ 35,500173Building255,000174Accumulated depreciation, building138,500183Land83,500193Franchise.28,500201Accounts payable16, 200203 Interest payable15026,500233 Unearned professional revenue251 Long-term notes payable127,000301 Amar Lloyd, capital87,4503022,500Anar Lloyd, withdrawalsProfessional revenue401201,480406Rent revenue23,500606Depreciation expense, buildingDepreciation expense, equipeent19,5006127,500623Wages expense63,500633Interest expense560637Insurance expense17,500652Supplies expense12,3006883,900600Telephone expenseutilities expenseTotals6,700$656,560 $656,560An analysis of other information reveals that Lloyd Construction is required to make a $40,000 payment on the long-term notespayable during 2021. The notes receivable are due May 1, 2022. Also, Amar Lloyd invested $70,000 cash early in 2020.Required:

The financial statements of the business includes the income statement and balance sheet of the…

The adjusted trial balance for Lloyd Construction as of December 31, 2020, follows: No. Account Debit Credit 191 Cash $ 15,500 104 Short-term investments 20,500 126 Supplies 7,100 149 Notes receivable 39,500 167 Equipment 73,000 168 Accumulated depreciation, equipment $ 35,500 173 Building 255,000 174 Accumulated depreciation, building 138,500 181 Land 83,500 193 Franchise 28,500 201 Accounts payable 16, 100 203 Interest payable f10 233 Unearned professional revenue 26,500 251 Long-ters notes payable 127,000 301 Amar Lloyd, capital 87,450 382 Amar Lloyd, withdrawals 2,500 401 Professional revenue 201,400 406 Rent revenue 23,500 19,500 606 Depreciation expense, building Depreciation expense, equipment Wages expense 612 7,500 623 63,500 633 Interest expense 560 637 Insurance expense 17,500

The adjusted trial balance for Lloyd Construction as of December 31, 2020, follows: No. Account Debit Credit 191 Cash $ 15,500 104 Short-term investments 20,500 126 Supplies 7,100 149 Notes receivable 39,500 167 Equipment 73,000 168 Accumulated depreciation, equipment $ 35,500 173 Building 255,000 174 Accumulated depreciation, building 138,500 181 Land 83,500 193 Franchise 28,500 201 Accounts payable 16, 100 203 Interest payable f10 233 Unearned professional revenue 26,500 251 Long-ters notes payable 127,000 301 Amar Lloyd, capital 87,450 382 Amar Lloyd, withdrawals 2,500 401 Professional revenue 201,400 406 Rent revenue 23,500 19,500 606 Depreciation expense, building Depreciation expense, equipment Wages expense 612 7,500 623 63,500 633 Interest expense 560 637 Insurance expense 17,500

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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