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
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Concept explainers
Question
![Account Title
Credit
Debit
$ 33,000
Cash
Prepaid insurance
1,900
Notes receivable (due in 5 years)
Buildings.
6,800
90,000
$ 26,000
Accumulated depreciation-Buildings
Accounts payable
9,500
Notes payable (due in 3 years)
L. Sierra, Capital
10,000
31,500
L. Sierra, Withdrawals
8,000
Consulting revenue
Wages expense
79,500
4,900
Depreciation expense-Buildings
Insurance expense
9,000
2,900
Totals
$ 156,500 $ 156,500
Use the information in the adjusted trial balance to prepare
Sierra Company's classified balance sheet as December
31.
SIERRA COMPANY
Balance Sheet
December 31
0
0
$](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F42e99758-6fa3-4d3a-af0a-efd6e14fd9ec%2Faf9c81ba-8e32-4031-98f5-8a11625d880e%2Feynf6fj_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Account Title
Credit
Debit
$ 33,000
Cash
Prepaid insurance
1,900
Notes receivable (due in 5 years)
Buildings.
6,800
90,000
$ 26,000
Accumulated depreciation-Buildings
Accounts payable
9,500
Notes payable (due in 3 years)
L. Sierra, Capital
10,000
31,500
L. Sierra, Withdrawals
8,000
Consulting revenue
Wages expense
79,500
4,900
Depreciation expense-Buildings
Insurance expense
9,000
2,900
Totals
$ 156,500 $ 156,500
Use the information in the adjusted trial balance to prepare
Sierra Company's classified balance sheet as December
31.
SIERRA COMPANY
Balance Sheet
December 31
0
0
$
![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
$](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F42e99758-6fa3-4d3a-af0a-efd6e14fd9ec%2Faf9c81ba-8e32-4031-98f5-8a11625d880e%2Fzyqxo2h_processed.jpeg&w=3840&q=75)
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
$
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