The following is the adjusted trial balance of Sierra Company. Prepare its December 31 closing entries

The following is the adjusted trial balance of Sierra Company. Sierra Company Adjusted Trial Balance $ 5,000 20,000 $ 12,000 $ 37,500 37,500 December 31 Account Title Cash Prepaid insurance Notes receivable (due in 5 years) Buildings Accumulated depreciationBuildings Accounts payable Notes payable (due in 3 years) Cornmon stock Retained earnings Dividends Consulting revenue Wages expense Depreciation expenseBuildings Insurance expense Totals Prepare its December 31 closing entries. Debit 500 4,000 1,000 3,500 2,000 1,500 Credit 2,500 3,000 6,000 4,500 9,500