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 17,720 Subcategory,Expenses: Salaries Expense 3,530 Rent Expense 1,500 Supplies Expense 150 Depreciation Expense--Equipment 400 Utilities Expense 700Single line Total Expenses Single line6,280Single line Net Income Single line11,440Double line
Statement of Owners Equity
For period ending January 31, 2019Description Amount Maggie Graph, Capital January 1, 2019 39,450 Net Income 11,440Single line Single line50,890 Maggie Graph, Drawing 1,120Single line Maggie Graph, Drawing January 31, 2019 Single line49,770Double line
Balance Sheet
January 31, 2019Description Amount Total Group Total Subcategory,Assets Cash 16,010 Office Supplies 1,700 Prepaid Rent 930 Equipment 51,950 44,640Single line Accumulated Depreciation-Equipment -7,310Single line Single line Total Assets Single line63,280Double line Subcategory,Liabilities Accounts Payable 4,200 Salaries Payable 250 Unearned Revenue 4,430 Notes Payable (long-term) 4,630Single line Single line Total Liabilities Single line13,510 Subcategory,Equity Maggie Graph, Capital 49,770Single line Single line Total Equity Single line49,770Single line Total Liabilities + Equity Single line63,280Double 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 17,720 January 31 Income Summary 17,720 January 31 Income Summary 6,280 January 31 Salaries Expense 3,530 January 31 Rent Expense 1,500 January 31 Supplies Expense 150 January 31 Depreciation Expense--Equipment 400 January 31 Utilities Expense 700 January 31 Income Summary 11,440 January 31 Maggie Graph, Capital 11,440 January 31 Maggie Graph, Capital 1,120 January 31 Maggie Graph, Drawing 1,120
Post-Closing Trial Balance
January 31, 2019Accounts Debits Credits Cash 16,010 Office Supplies 1,700 Prepaid Rent 930 Equipment 51,950 Accumulated Depreciation--Equipment 7,310 Accounts Payable 4,200 Unearned Revenue 4,430 Salaries Payable 250 Notes Payable (long-term) 4,630 Maggie Graph, Capital 49,770 Total Single line70,590Double line Single line70,590Double line