es QS 3-22 (Algo) Preparing closing entries LO P6 The following is the adjusted trial balance of Sierra Company. Sierra Company Adjusted Trial Balance Account Title Cash December 31 Prepaid insurance Notes receivable (due in 5 years) Buildings Accumulated depreciation-Buildings Accounts payable Notes payable (due in 3 years) Common stock Retained earnings Dividends Consulting revenue Wages expense Depreciation expense-Buildings Insurance expense Totals Prepare its December 31 closing entries. Debit Credit $ 7,000 700 6,000 24,000 $ 14,000 4,500 5,000 12,000 2,500 1,400 11,500 5,500 2,800 2,100 $ 49,500 $ 49,500