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 17,520 Subcategory,Expenses: Salaries Expense 3,830 Rent Expense 1,500 Supplies Expense 160 Depreciation Expense--Equipment 400 Utilities Expense 700Single line Total Expenses Single line6,590Single line Net Income Single line10,930Double line
Statement of Owners Equity
For period ending January 31, 2019Description Amount Maggie Graph, Capital January 1, 2019 38,510 Net Income 10,930Single line Single line49,440 Maggie Graph, Drawing 920Single line Maggie Graph, Drawing January 31, 2019 Single line48,520Double line
Balance Sheet
January 31, 2019Description Amount Total Group Total Subcategory,Assets Cash 16,240 Office Supplies 1,730 Prepaid Rent 930 Equipment 51,010 43,470Single line Accumulated Depreciation-Equipment -7,540Single line Single line Total Assets Single line62,370Double line Subcategory,Liabilities Accounts Payable 4,230 Salaries Payable 260 Unearned Revenue 4,430 Notes Payable (long-term) 4,930Single line Single line Total Liabilities Single line13,850 Subcategory,Equity Maggie Graph, Capital 48,520Single line Single line Total Equity Single line48,520Single line Total Liabilities + Equity Single line62,370Double 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 17,520 January 31 Income Summary 17,520 January 31 Income Summary 6,590 January 31 Salaries Expense 3,830 January 31 Rent Expense 1,500 January 31 Supplies Expense 160 January 31 Depreciation Expense--Equipment 400 January 31 Utilities Expense 700 January 31 Income Summary 10,930 January 31 Maggie Graph, Capital 10,930 January 31 Maggie Graph, Capital 920 January 31 Maggie Graph, Drawing 920
Post-Closing Trial Balance
January 31, 2019Accounts Debits Credits Cash 16,240 Office Supplies 1,730 Prepaid Rent 930 Equipment 51,010 Accumulated Depreciation--Equipment 7,540 Accounts Payable 4,230 Unearned Revenue 4,430 Salaries Payable 260 Notes Payable (long-term) 4,930 Maggie Graph, Capital 48,520 Total Single line69,910Double line Single line69,910Double line