QS $4-8($Static$)$ Preparing closing entries LO P$2$

The following is the adjusted trial balance of Sierra Company.

Sierra Company

Adjusted Trial Balance

December $31$

Account Title Debit Credit

Cash $ $5,000$

Prepaid insurance $500$

Notes receivable $($due in $5$ years$)4,000$

Buildings $20,000$

Accumulated depreciation$$Buildings $ $12,000$

Accounts payable $2,500$

Notes payable $($due in $3$ years$)3,000$

L$.$ Sierra, Capital $10,500$

L$.$ Sierra, Withdrawals $1,000$

Consulting revenue $9,500$

Wages expense $3,500$

Depreciation expense$$Buildings $2,000$

Insurance expense $1,500$

Totals $ $37,500$ $ $37,500$

Prepare its December $31$ closing entries.