Account
Debit Credit
$16,500 $21,500
8,100
44,500
83,000
$40,500
265,000
143,500
88,500
33,500
17,500
120
27,500
137,000
96,560
3,500
211,480
28,500
20,500
8,500
64,500
660
18,500
13,300
4,900
7,700
$702,660 $702,660
Cash
Short-term investments
Supplies
Notes receivable
Equipment
Accumulated depreciation, equipment
Building
Accumulated depreciation, building
Land
Franchise
Accounts payable
Interest payable
Unearned professional revenue
Long-term notes payable
Amar Lloyd, capital
Amar Lloyd, withdrawals
Professional revenue
Rent revenue
Depreciation expense, building
Depreciation expense, equipment
Wages expense
Interest expense
Insurance expense
Supplies expense
Telephone expense
Utilities expense
Totals
An analysis of other information reveals that Lloyd Construction is required to make a $50,000 payment on the long-term notes payable during 2021. The notes receivable are due May 1, 2022. Also, Amar Lloyd invested $80,000 cash early in 2020.
Required: Prepare the closing entries made at the end of the year.
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[X]
Record the entry to close the revenue accounts
2 Record the entry to close the expense accounts
3 Record the entry to close the income summary account.
Record the entry to close the withdrawals account.
Credit
