Try another version of this question The following are the Financial Statements of Maggie’s Music Shop. (A) Use the financial information from the previous financial statements to post closing entries. Start typing a word and then select from the autofill options. (B) Using the previous financial statements information to create a post-closing trial balance. Use the type ahead options to select the correct account.Start typing a word and then select from the autofill options.
Income Statement
For period ending January , 2019Description Amount Total Service Revenue 17,580 Subcategory,Expenses: Salaries Expense 3,870 Rent Expense 1,480 Supplies Expense 170 Depreciation Expense--Equipment 410 Utilities Expense 710Single line Total Expenses Single line6,640Single line Net Income Single line10,940Double line
Statement of Owners Equity
For period ending January 31, 2019Description Amount Maggie Graph, Capital January 1, 2019 38,330 Net Income 10,940Single line Single line49,270 Maggie Graph, Drawing 980Single line Maggie Graph, Drawing January 31, 2019 Single line48,290Double line
Balance Sheet
January 31, 2019Description Amount Total Group Total Subcategory,Assets Cash 15,480 Office Supplies 1,980 Prepaid Rent 920 Equipment 50,830 44,050Single line Accumulated Depreciation-Equipment -6,780Single line Single line Total Assets Single line62,430Double line Subcategory,Liabilities Accounts Payable 4,480 Salaries Payable 270 Unearned Revenue 4,420 Notes Payable (long-term) 4,970Single line Single line Total Liabilities Single line14,140 Subcategory,Equity Maggie Graph, Capital 48,290Single line Single line Total Equity Single line48,290Single line Total Liabilities + Equity Single line62,430Double line Date Description Debit Credit January 31 January 31 January 31 January 31 January 31 January 31 January 31 January 31 January 31 January 31 January 31 January 31
Post-Closing Trial Balance
January 31, 2019Accounts Debits Credits Total Single lineDouble line Single lineDouble line Date Description Debit Credit January 31 Service Revenue 17,580 January 31 Income Summary 17,580 January 31 Income Summary 6,640 January 31 Salaries Expense 3,870 January 31 Rent Expense 1,480 January 31 Supplies Expense 170 January 31 Depreciation Expense--Equipment 410 January 31 Utilities Expense 710 January 31 Income Summary 10,940 January 31 Maggie Graph, Capital 10,940 January 31 Maggie Graph, Capital 980 January 31 Maggie Graph, Drawing 980
Post-Closing Trial Balance
January 31, 2019Accounts Debits Credits Cash 15,480 Office Supplies 1,980 Prepaid Rent 920 Equipment 50,830 Accumulated Depreciation--Equipment 6,780 Accounts Payable 4,480 Unearned Revenue 4,420 Salaries Payable 270 Notes Payable (long-term) 4,970 Maggie Graph, Capital 48,290 Total Single line69,210Double line Single line69,210Double line