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The following are the Financial Statements of Maggie’s Music Shop.

Maggies Music Shop
Income Statement
For period ending January , 2019
DescriptionAmountTotal
Service Revenue17,450
Subcategory,Expenses:
Salaries Expense3,440
Rent Expense1,520
Supplies Expense220
Depreciation Expense--Equipment390
Utilities Expense690Single line
Total ExpensesSingle line6,260Single line
Net IncomeSingle line11,190Double line

 

Maggies Music Shop
Statement of Owners Equity
For period ending January 31, 2019
DescriptionAmount
Maggie Graph, Capital January 1, 201939,870
Net Income11,190Single line
Single line51,060
Maggie Graph, Drawing850Single line
Maggie Graph, Drawing January 31, 2019Single line50,210Double line

 

Maggies Music Shop
Balance Sheet
January 31, 2019
DescriptionAmountTotalGroup Total
Subcategory,Assets
Cash15,820
Office Supplies1,600
Prepaid Rent1,100
Equipment52,37045,250Single line
Accumulated Depreciation-Equipment-7,120Single lineSingle line
Total AssetsSingle line63,770Double line
Subcategory,Liabilities
Accounts Payable4,100
Salaries Payable320
Unearned Revenue4,600
Notes Payable (long-term)4,540Single lineSingle line
Total LiabilitiesSingle line13,560
Subcategory,Equity
Maggie Graph, Capital50,210Single lineSingle line
Total EquitySingle line50,210Single line
Total Liabilities + EquitySingle line63,770Double line

 

(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.

Journal
DateDescriptionDebitCredit
January 31
January 31
January 31
January 31
January 31
January 31
January 31
January 31
January 31
January 31
January 31
January 31

(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.

Maggie's Music Shop
Post-Closing Trial Balance
January 31, 2019
AccountsDebitsCredits
TotalSingle lineDouble lineSingle lineDouble line


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