December 31 Debit $ 41,000 2,300 7,600 110,000 Account Title Credit 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 $ 30,00p 11,500 12,00p 37,500 10,000 99,500 5,300 11,000 3,300 $ 190,500 $ 190,500 Totals Use the information in the adjusted trial balance to prepare Sierra Company's classified balance sheet as of December 31.
December 31 Debit $ 41,000 2,300 7,600 110,000 Account Title Credit 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 $ 30,00p 11,500 12,00p 37,500 10,000 99,500 5,300 11,000 3,300 $ 190,500 $ 190,500 Totals Use the information in the adjusted trial balance to prepare Sierra Company's classified balance sheet as of December 31.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question

Transcribed Image Text:Sierra Company
Adjusted Trial Balance
December 31
Account Title
Debit
Credit
$ 41,000
2,300
7,600
110,000
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
$ 30,000
11,500
12,00b
37,500
10,000
99,500
5,300
11,000
3,300
$ 190,500
Wages expense
Depreciation expense-Buildings
Insurance expense
Totals
$ 190,500
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
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