The adjusted trial balance for Lloyd Construction as of December 31, 2023, follows: No. Account Debit Credit 101 Cash $ 15,000 104 Short-term investments 20,000 126 Supplies 6,600 149 Notes receivable 37,000 167 Equipment 68,000 168 Accumulated depreciation, equipment $ 33,000 173 Building 250,000 174 Accumulated depreciation, building 136,000 183 Land 81,000 193 Franchise 26,000 201 Accounts payable 16,000 203 Interest payable 120 233 Unearned professional revenue 26,000 251 Long-term notes payable 122,000 301 Amar Lloyd, capital 82,910 302 Amar Lloyd, withdrawals 2,000 401 Professional revenue 196,480 406 Rent revenue 21,000 606 Depreciation expense, building 19,000 612 Depreciation expense, equipment 7,000 623 Wages expense 63,000 633 Interest expense 510 637 Insurance expense 17,000 652 Supplies expense 11,800 688 Telephone expense 3,400 690 Utilities expense 6,200 Totals $ 633,510 $ 633,510 An analysis of other information reveals that Lloyd Construction is required to make a $35,000 payment on the long-term notes payable during 2024. The notes receivable are due May 1, 2025. Also, Amar Lloyd invested $65,000 cash early in 2023. Required: Prepare the closing entries made at the end of the year.
The adjusted
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