Can you fix this for me ? The following is the adjusted trial balance of SierraCompany.Sierra CompanyAdjusted Trial BalanceDecember 31Account TitleDebitCredit$ 41,0002,3007,600110,000CashPrepaid insuranceNotes receivable (due in 5 years)BuildingsAccumulated depreciation-BuildingsAccounts payableNotes payable (due in 3 years)L. Sierra, CapitalL. Sierra, WithdrawalsConsulting revenueWages expenseDepreciation expense-Buildings$ 30,00b11,50012,00p37,50010,00099,5005,30011,0003,300$ 190,500 $ 190,500Insurance expenseTotalsUse the information in the adjusted trial balance to prepareSierra Company's classified balance sheet as of December31.SIERRA COMPANYBalance SheetDecember 31AssetsCurrent assetsCash$41,000 OPrepaid insurance2,300 OTotal current assets43,300Plant assetsNotes receivable7,600 OBuildings110,000Accumulated depreciation-Buildings30,000 O80,000Total assets$ 130,900LiabilitiesCurrent liabilitiesAccounts payable2$11,500 ONotes payable12,000Total liabilities23,500L. Sierra, Capital107,400130,900

The balance sheet shows the financial position of the company. It shows the assets, liabilities, and…

Adjusted Trial Balance December 31 Account Title Debit Credit $ 41,000 2,300 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 7,600 110,000 $ 30,00p 11,500 12,00p 37,500 10,000 99,500 5,300 11,000 3,300 $ 190,500 Insurance expense Totals $ 190,500

Adjusted Trial Balance December 31 Account Title Debit Credit $ 41,000 2,300 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 7,600 110,000 $ 30,00p 11,500 12,00p 37,500 10,000 99,500 5,300 11,000 3,300 $ 190,500 Insurance expense Totals $ 190,500

Century 21 Accounting General Journal

11th Edition

ISBN:9781337680059

Author:Gilbertson

Publisher:Gilbertson

Chapter22: End-of-fiscal-period Work For A Corporation

Section: Chapter Questions

Problem 1AP

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