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 17,790 Subcategory,Expenses: Salaries Expense 3,610 Rent Expense 1,480 Supplies Expense 240 Depreciation Expense--Equipment 410 Utilities Expense 710Single line Total Expenses Single line6,450Single line Net Income Single line11,340Double line
Statement of Owners Equity
For period ending January 31, 2019Description Amount Maggie Graph, Capital January 1, 2019 38,580 Net Income 11,340Single line Single line49,920 Maggie Graph, Drawing 1,190Single line Maggie Graph, Drawing January 31, 2019 Single line48,730Double line
Balance Sheet
January 31, 2019Description Amount Total Group Total Subcategory,Assets Cash 15,490 Office Supplies 1,800 Prepaid Rent 1,090 Equipment 51,080 44,290Single line Accumulated Depreciation-Equipment -6,790Single line Single line Total Assets Single line62,670Double line Subcategory,Liabilities Accounts Payable 4,300 Salaries Payable 340 Unearned Revenue 4,590 Notes Payable (long-term) 4,710Single line Single line Total Liabilities Single line13,940 Subcategory,Equity Maggie Graph, Capital 48,730Single line Single line Total Equity Single line48,730Single line Total Liabilities + Equity Single line62,670Double 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 17,790 January 31 Income Summary 17,790 January 31 Income Summary 6,450 January 31 Salaries Expense 3,610 January 31 Rent Expense 1,480 January 31 Supplies Expense 240 January 31 Depreciation Expense--Equipment 410 January 31 Utilities Expense 710 January 31 Income Summary 11,340 January 31 Maggie Graph, Capital 11,340 January 31 Maggie Graph, Capital 1,190 January 31 Maggie Graph, Drawing 1,190
Post-Closing Trial Balance
January 31, 2019Accounts Debits Credits Cash 15,490 Office Supplies 1,800 Prepaid Rent 1,090 Equipment 51,080 Accumulated Depreciation--Equipment 6,790 Accounts Payable 4,300 Unearned Revenue 4,590 Salaries Payable 340 Notes Payable (long-term) 4,710 Maggie Graph, Capital 48,730 Total Single line69,460Double line Single line69,460Double line