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 4,170 Rent Expense 1,520 Supplies Expense 240 Depreciation Expense--Equipment 390 Utilities Expense 690Single line Total Expenses Single line7,010Single line Net Income Single line10,720Double line
Statement of Owners Equity
For period ending January 31, 2019Description Amount Maggie Graph, Capital January 1, 2019 36,910 Net Income 10,720Single line Single line47,630 Maggie Graph, Drawing 1,130Single line Maggie Graph, Drawing January 31, 2019 Single line46,500Double line
Balance Sheet
January 31, 2019Description Amount Total Group Total Subcategory,Assets Cash 14,690 Office Supplies 1,660 Prepaid Rent 980 Equipment 49,410 43,420Single line Accumulated Depreciation-Equipment -5,990Single line Single line Total Assets Single line60,750Double line Subcategory,Liabilities Accounts Payable 4,160 Salaries Payable 340 Unearned Revenue 4,480 Notes Payable (long-term) 5,270Single line Single line Total Liabilities Single line14,250 Subcategory,Equity Maggie Graph, Capital 46,500Single line Single line Total Equity Single line46,500Single line Total Liabilities + Equity Single line60,750Double 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 7,010 January 31 Salaries Expense 4,170 January 31 Rent Expense 1,520 January 31 Supplies Expense 240 January 31 Depreciation Expense--Equipment 390 January 31 Utilities Expense 690 January 31 Income Summary 10,720 January 31 Maggie Graph, Capital 10,720 January 31 Maggie Graph, Capital 1,130 January 31 Maggie Graph, Drawing 1,130
Post-Closing Trial Balance
January 31, 2019Accounts Debits Credits Cash 14,690 Office Supplies 1,660 Prepaid Rent 980 Equipment 49,410 Accumulated Depreciation--Equipment 5,990 Accounts Payable 4,160 Unearned Revenue 4,480 Salaries Payable 340 Notes Payable (long-term) 5,270 Maggie Graph, Capital 46,500 Total Single line66,740Double line Single line66,740Double line