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Determine the financial statement column (Income Statement column or the Balance Sheet \& Statement of Owner's Equity column) where a normal account balance is extended. a. Equipment d. Depreciation Expense g. Supplies b. Owner, Withdrawals e. Accounts Reccivable h. Rent Expense c. Prepaid Rent f. Insurance Expense i. Cash 4-16 Use the following adjusted trial balance of Sierra Company to prepare its (1) income statement and iparing an income (2) statement of owner's equity for the year ended December 31. The L. Sierra, Capital account balance was tement \& statement of $10.500 on December 31 of the prior year, and there are no owner investments during the current year. ner's equity S 4-17 Use the information in the adjusted trial balance reported in QS 4-16 to prepare Sierra Company's classi- eparing a classified fied balance sheet as of December 31 . Set up T-accounts for the following accounts and amounts with normal balances as of December 31 : K. Korver, Capital \$18,000; K. Korver, Withdrawals \$2,000; Services Revenue \$33,000; Salaries Expense Preparing cic \$25,000; Rent Expense \$3,000; and Income Summary \$0. (1) Post closing entries to each account's T- T-accounts account. (2) Compute the ending balance of each T-account. P2. P2