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 17,730 Subcategory,Expenses: Salaries Expense 3,910 Rent Expense 1,520 Supplies Expense 210 Depreciation Expense--Equipment 390 Utilities Expense 690Single line Total Expenses Single line6,720Single line Net Income Single line11,010Double line
Statement of Owners Equity
For period ending January 31, 2019Description Amount Maggie Graph, Capital January 1, 2019 37,060 Net Income 11,010Single line Single line48,070 Maggie Graph, Drawing 1,130Single line Maggie Graph, Drawing January 31, 2019 Single line46,940Double line
Balance Sheet
January 31, 2019Description Amount Total Group Total Subcategory,Assets Cash 15,070 Office Supplies 1,870 Prepaid Rent 1,070 Equipment 49,560 43,190Single line Accumulated Depreciation-Equipment -6,370Single line Single line Total Assets Single line61,200Double line Subcategory,Liabilities Accounts Payable 4,370 Salaries Payable 310 Unearned Revenue 4,570 Notes Payable (long-term) 5,010Single line Single line Total Liabilities Single line14,260 Subcategory,Equity Maggie Graph, Capital 46,940Single line Single line Total Equity Single line46,940Single line Total Liabilities + Equity Single line61,200Double 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 17,730 January 31 Income Summary 17,730 January 31 Income Summary 6,720 January 31 Salaries Expense 3,910 January 31 Rent Expense 1,520 January 31 Supplies Expense 210 January 31 Depreciation Expense--Equipment 390 January 31 Utilities Expense 690 January 31 Income Summary 11,010 January 31 Maggie Graph, Capital 11,010 January 31 Maggie Graph, Capital 1,130 January 31 Maggie Graph, Drawing 1,130
Post-Closing Trial Balance
January 31, 2019Accounts Debits Credits Cash 15,070 Office Supplies 1,870 Prepaid Rent 1,070 Equipment 49,560 Accumulated Depreciation--Equipment 6,370 Accounts Payable 4,370 Unearned Revenue 4,570 Salaries Payable 310 Notes Payable (long-term) 5,010 Maggie Graph, Capital 46,940 Total Single line67,570Double line Single line67,570Double line