The adjusted trial balance for Lloyd Construction as of December 31, 2014, follows — analysis other information reveals that required make 000 payment long-term notes payable

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.

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2014	Closing entries:
Dec. 31 Professional Fees Earned.............................................	Dec. 31 Professional Fees Earned.............................................	206,480
	Rent Earned....................................................................	26,000
	Income Summary.........................................................	232,480
	To close the revenue accounts.
31	Income Summary...........................................................	135,010
	Depreciation Expense, Building.................................	20,000
	Depreciation Expense, Equipment.............................	8,000
	Wages Expense............................................................	64,000
	Interest Expense..........................................................	610
	Insurance Expense......................................................	18,000
	Supplies Expense........................................................	12,800
	Telephone Expense.....................................................	4,400
	Utilities Expense..........................................................	7,200
	To close the expense accounts.
31	Income Summary...........................................................	97,470
	Sig Lloyd, Capital.........................................................	97,470
	To close the Income Summary account.
31	Sig Lloyd, Capital...........................................................	3,000
	Sig Lloyd, Withdrawals................................................	3,000
	To close the withdrawals account.

The adjusted trial balance for Lloyd Construction as of December 31, 2014, follows — analysis other information reveals that required make 000 payment long-term notes payable

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SOLUTION