Reference no: EM132379416
Question
The adjusted trial balance for Petruchio Construction as of December 31, 2017, follows.
PETRUCHIO CONSTRUCTION
Adjusted Trial Balance
December 31, 2017No.Account TitleDebit Credit101Cash$5,000 104Short-term investments 23,000 126Supplies 9,300 128Prepaid insurance 7,800 167Equipment 50,000 168Accumulated depreciation-Equipment $25,000 173Building 156,000 174Accumulated depreciation-Building 52,000 183Land 60,260 201Accounts payable 16,000 203Interest payable 2,300 208Rent payable 3,300 210Wages payable 2,400 213Property taxes payable 1,000 233Unearned professional fees 7,400 251Long-term notes payable 69,000 307Common stock 5,000 318Retained earnings 122,200 319Dividends 12,900 401Professional fees earned 100,000 406Rent earned 17,500 407Dividends earned 2,900 409Interest earned 2,800 606Depreciation expense-Building 11,440 612Depreciation expense-Equipment 7,500 623Wages expense 31,500 633Interest expense 3,500 637Insurance expense 9,700 640Rent expense 13,200 652Supplies expense 5,800 682Postage expense 3,000 683Property taxes expense 3,400 684Repairs expense 8,500 688Telephone expense 2,700 690Utilities expense 4,300 Totals$428,800 $428,800
The December 31, 2016, credit balance of the Retained Earnings account was $122,200. Petruchio Construction is required to make a $8,000 payment on its long-term notes payable during 2018.
Required:
Prepare the necessary closing entries at December 31, 2017.
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