Sierra Company Adjusted Trial Balance December 31 Account Title Debit Credit Cash $ 5,000 Prepaid insurance 500 Notes receivable (due in 5 years) 4,000 Buildings 20,000 Accumulated depreciation—Buildings $ 12,000 Accounts payable 2,500 Notes payable (due in 3 years) 3,000 L. Sierra, Capital 10,500 L. Sierra, Withdrawals 1,000 Consulting revenue 9,500 Wages expense 3,500 Depreciation expense—Buildings 2,000 Insurance expense 1,500 Totals $ 37,500 $ 37,500 Prepare its December 31 closing entries.
Sierra Company Adjusted Trial Balance December 31 Account Title Debit Credit Cash $ 5,000 Prepaid insurance 500 Notes receivable (due in 5 years) 4,000 Buildings 20,000 Accumulated depreciation—Buildings $ 12,000 Accounts payable 2,500 Notes payable (due in 3 years) 3,000 L. Sierra, Capital 10,500 L. Sierra, Withdrawals 1,000 Consulting revenue 9,500 Wages expense 3,500 Depreciation expense—Buildings 2,000 Insurance expense 1,500 Totals $ 37,500 $ 37,500 Prepare its December 31 closing entries.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
| Sierra Company | ||
| Adjusted |
||
| December 31 | ||
| Account Title | Debit | Credit |
|---|---|---|
| Cash | $ 5,000 | |
| Prepaid insurance | 500 | |
| Notes receivable (due in 5 years) | 4,000 | |
| Buildings | 20,000 | |
| $ 12,000 | ||
| Accounts payable | 2,500 | |
| Notes payable (due in 3 years) | 3,000 | |
| L. Sierra, Capital | 10,500 | |
| L. Sierra, Withdrawals | 1,000 | |
| Consulting revenue | 9,500 | |
| Wages expense | 3,500 | |
| Depreciation expense—Buildings | 2,000 | |
| Insurance expense | 1,500 | |
| Totals | $ 37,500 | $ 37,500 |
Prepare its December 31 closing entries.
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