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 17,450 Subcategory,Expenses: Salaries Expense 3,440 Rent Expense 1,520 Supplies Expense 220 Depreciation Expense--Equipment 390 Utilities Expense 690Single line Total Expenses Single line6,260Single line Net Income Single line11,190Double line
Statement of Owners Equity
For period ending January 31, 2019Description Amount Maggie Graph, Capital January 1, 2019 39,870 Net Income 11,190Single line Single line51,060 Maggie Graph, Drawing 850Single line Maggie Graph, Drawing January 31, 2019 Single line50,210Double line
Balance Sheet
January 31, 2019Description Amount Total Group Total Subcategory,Assets Cash 15,820 Office Supplies 1,600 Prepaid Rent 1,100 Equipment 52,370 45,250Single line Accumulated Depreciation-Equipment -7,120Single line Single line Total Assets Single line63,770Double line Subcategory,Liabilities Accounts Payable 4,100 Salaries Payable 320 Unearned Revenue 4,600 Notes Payable (long-term) 4,540Single line Single line Total Liabilities Single line13,560 Subcategory,Equity Maggie Graph, Capital 50,210Single line Single line Total Equity Single line50,210Single line Total Liabilities + Equity Single line63,770Double 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 17,450 January 31 Income Summary 17,450 January 31 Income Summary 6,260 January 31 Salaries Expense 3,440 January 31 Rent Expense 1,520 January 31 Supplies Expense 220 January 31 Depreciation Expense--Equipment 390 January 31 Utilities Expense 690 January 31 Income Summary 11,190 January 31 Maggie Graph, Capital 11,190 January 31 Maggie Graph, Capital 850 January 31 Maggie Graph, Drawing 850
Post-Closing Trial Balance
January 31, 2019Accounts Debits Credits Cash 15,820 Office Supplies 1,600 Prepaid Rent 1,100 Equipment 52,370 Accumulated Depreciation--Equipment 7,120 Accounts Payable 4,100 Unearned Revenue 4,600 Salaries Payable 320 Notes Payable (long-term) 4,540 Maggie Graph, Capital 50,210 Total Single line70,890Double line Single line70,890Double line