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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 Debit $ 33,000 1,900 6,800 90,000 8,000 4,900 9,000 2,900 $ 156,500 Credit $ 26,000 9,500 10,000 31,500 79,500 $ 156,500

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 Debit $ 33,000 1,900 6,800 90,000 8,000 4,900 9,000 2,900 $ 156,500 Credit $ 26,000 9,500 10,000 31,500 79,500 $ 156,500

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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The following is the adjusted trial balance of Sierra Company. Sierra Company Adjusted Trial Balance December 31 Account Title Debit Credit Cash $ 33,000 Prepaid insurance 1,900 6,800 Notes receivable (due in 5 years) Buildings 90,000 $ 26,000 Accumulated depreciation-Buildings Accounts payable 9,500 Notes payable (due in 3 years) 10,000 L. Sierra, Capital 31,500 L. Sierra, Withdrawals 8,000 Consulting revenue 79,500 Wages expense 4,900 9,000 Depreciation expense-Buildings Insurance expense 2,900 Totals $ 156,500 $ 156,500 Use the information in the adjusted trial balance to prepare Sierra Company's classified balance sheet as of December 31. SIERRA COMPANY Balance Sheet December 31 0 0 $
Transcribed Image Text:The following is the adjusted trial balance of Sierra Company. Sierra Company Adjusted Trial Balance December 31 Account Title Debit Credit Cash $ 33,000 Prepaid insurance 1,900 6,800 Notes receivable (due in 5 years) Buildings 90,000 $ 26,000 Accumulated depreciation-Buildings Accounts payable 9,500 Notes payable (due in 3 years) 10,000 L. Sierra, Capital 31,500 L. Sierra, Withdrawals 8,000 Consulting revenue 79,500 Wages expense 4,900 9,000 Depreciation expense-Buildings Insurance expense 2,900 Totals $ 156,500 $ 156,500 Use the information in the adjusted trial balance to prepare Sierra Company's classified balance sheet as of December 31. SIERRA COMPANY Balance Sheet December 31 0 0 $
$ 26,000 Accumulated depreciation-Buildings Accounts payable 9,500 10,000 Notes payable (due in 3 years) L. Sierra, Capital 31,500 8,000 L. Sierra, Withdrawals. Consulting revenue Wages expense 79,500 4,900 9,000 Depreciation expense-Buildings Insurance expense Totals. 2,900 $ 156,500 $ 156,500 Use the information in the adjusted trial balance to prepare Sierra Company's classified balance sheet as of December 31. Answer is not complete. ✓ Current assets ✓ Cash $ Prepaid insurance Total current assets $ Notes receivable Buildings Current assets Accumulated depreciation-Buildings Total assets Current liabilities Accounts payable Notes payable Total liabilities L. Sierra, Capital L. Sierra, Withdrawals Total liabilities and equity SIERRA COMPANY Balance Sheet December 31 Assets Liabilities Equity ✓ >> X X $ 26,000 X $ $ $ 33,000 1,900✔ 34,900 6,800✔ 90,000 X 26,000 157,700 9,500✔ 10,000 X 19,500 31,500 ✓ 8,000 X 59,000
Transcribed Image Text:$ 26,000 Accumulated depreciation-Buildings Accounts payable 9,500 10,000 Notes payable (due in 3 years) L. Sierra, Capital 31,500 8,000 L. Sierra, Withdrawals. Consulting revenue Wages expense 79,500 4,900 9,000 Depreciation expense-Buildings Insurance expense Totals. 2,900 $ 156,500 $ 156,500 Use the information in the adjusted trial balance to prepare Sierra Company's classified balance sheet as of December 31. Answer is not complete. ✓ Current assets ✓ Cash $ Prepaid insurance Total current assets $ Notes receivable Buildings Current assets Accumulated depreciation-Buildings Total assets Current liabilities Accounts payable Notes payable Total liabilities L. Sierra, Capital L. Sierra, Withdrawals Total liabilities and equity SIERRA COMPANY Balance Sheet December 31 Assets Liabilities Equity ✓ >> X X $ 26,000 X $ $ $ 33,000 1,900✔ 34,900 6,800✔ 90,000 X 26,000 157,700 9,500✔ 10,000 X 19,500 31,500 ✓ 8,000 X 59,000
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