(Solved): The following is the adjusted trial balance of Sierra Company. Sierra Company Adjusted Trial Balanc ...

The following is the adjusted trial balance of Sierra Company. Sierra Company Adjusted Trial Balance December 31 Account Title Debit $5,000 Cash Prepaid insurance 500 Notes receivable (due in 5 years) Buildings 4,000 20,000 Accumulated depreciation-Buildings Accounts payable Notes payable (due in 3 years) Common stock Retained earnings Dividends 1,000 Consulting revenue Wages expense 3,500 Depreciation expense-Buildings 2,000 Insurance expense 1,500 Totals $ 37,500 Credit $ 12,000 2,500 3,000 6,000 4,500 9,500 $ 37,500 < 1 2 3 4 Prepare the entry to close the revenue account(s). Note: Enter debits before credits. Date General Journal December 31 Clear entry Record entry Credit View general journal Debit > Journal entry worksheet < 1 2 3 4 Prepare the entry to close the expense account(s). Note: Enter debits before credits. Date General Journal December 31 Clear entry Record entry Debit Credit View general journal Journal entry worksheet < 1 1 2 3 4 Prepare the entry to close Income Summary. Note: Enter debits before credits. Date General Journal December 31 Clear entry Record entry Credit View general journal Debit Journal entry worksheet < 1 2 3 4 Prepare the entry to close the Dividends account. Note: Enter debits before credits. Date General Journal December 31 Clear entry Record entry Debit Credit View general journal