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 17,400 Subcategory,Expenses: Salaries Expense 4,100 Rent Expense 1,500 Supplies Expense 200 Depreciation Expense--Equipment 400 Utilities Expense 700Single line Total Expenses Single line6,900Single line Net Income Single line10,500Double line
Statement of Owners Equity
For period ending January 31, 2019Description Amount Maggie Graph, Capital January 1, 2019 37,020 Net Income 10,500Single line Single line47,520 Maggie Graph, Drawing 800Single line Maggie Graph, Drawing January 31, 2019 Single line46,720Double line
Balance Sheet
January 31, 2019Description Amount Total Group Total Subcategory,Assets Cash 15,100 Office Supplies 2,000 Prepaid Rent 950 Equipment 49,520 43,120Single line Accumulated Depreciation-Equipment -6,400Single line Single line Total Assets Single line61,170Double line Subcategory,Liabilities Accounts Payable 4,500 Salaries Payable 300 Unearned Revenue 4,450 Notes Payable (long-term) 5,200Single line Single line Total Liabilities Single line14,450 Subcategory,Equity Maggie Graph, Capital 46,720Single line Single line Total Equity Single line46,720Single line Total Liabilities + Equity Single line61,170Double 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 17,400 January 31 Income Summary 17,400 January 31 Income Summary 6,900 January 31 Salaries Expense 4,100 January 31 Rent Expense 1,500 January 31 Supplies Expense 200 January 31 Depreciation Expense--Equipment 400 January 31 Utilities Expense 700 January 31 Income Summary 10,500 January 31 Maggie Graph, Capital 10,500 January 31 Maggie Graph, Capital 800 January 31 Maggie Graph, Drawing 800
Post-Closing Trial Balance
January 31, 2019Accounts Debits Credits Cash 15,100 Office Supplies 2,000 Prepaid Rent 950 Equipment 49,520 Accumulated Depreciation--Equipment 6,400 Accounts Payable 4,500 Unearned Revenue 4,450 Salaries Payable 300 Notes Payable (long-term) 5,200 Maggie Graph, Capital 46,720 Total Single line67,570Double line Single line67,570Double line