The following is the adjusted trial balance of Sierra Company. Sierra Company Adjusted Trial Balance December 31 Account Title Cash Prepaid insurance Notes receivable (due in 5 years) Buildings Accumulated depreciation-Buildings Accounts payable Notes payable (due in 3 years) L. Sierra, Capital L. Sierra, Withdrawals Consulting revenue Wages expense Depreciation expense-Buildings Insurance expense Totals Prepare its December 31 closing entries. Debit Credit $ 5,500 550 4,500 21,000 $ 12,500 3,000 3,500 11,500 1,100 10,000 4,000 2,200 1,650 $ 40,500 $ 40,500 View transaction list View journal entry worksheet No Date General Journal Debit Credit December 31 Consulting revenue 10,000 Income summary 10,000 2 December 31 Income summary Depreciation Expense-Buildings 3,850 2,200 ☑
The following is the adjusted trial balance of Sierra Company. Sierra Company Adjusted Trial Balance December 31 Account Title Cash Prepaid insurance Notes receivable (due in 5 years) Buildings Accumulated depreciation-Buildings Accounts payable Notes payable (due in 3 years) L. Sierra, Capital L. Sierra, Withdrawals Consulting revenue Wages expense Depreciation expense-Buildings Insurance expense Totals Prepare its December 31 closing entries. Debit Credit $ 5,500 550 4,500 21,000 $ 12,500 3,000 3,500 11,500 1,100 10,000 4,000 2,200 1,650 $ 40,500 $ 40,500 View transaction list View journal entry worksheet No Date General Journal Debit Credit December 31 Consulting revenue 10,000 Income summary 10,000 2 December 31 Income summary Depreciation Expense-Buildings 3,850 2,200 ☑
Financial Accounting: The Impact on Decision Makers
10th Edition
ISBN:9781305654174
Author:Gary A. Porter, Curtis L. Norton
Publisher:Gary A. Porter, Curtis L. Norton
Chapter2: Financial Statements And The Annual Report
Section: Chapter Questions
Problem 2.5E: Classification of Assets and Liabilities Indicate the appropriate classification of each of the...
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