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 17,740 Subcategory,Expenses: Salaries Expense 3,580 Rent Expense 1,500 Supplies Expense 210 Depreciation Expense--Equipment 400 Utilities Expense 700Single line Total Expenses Single line6,390Single line Net Income Single line11,350Double line
Statement of Owners Equity
For period ending January 31, 2019Description Amount Maggie Graph, Capital January 1, 2019 37,650 Net Income 11,350Single line Single line49,000 Maggie Graph, Drawing 1,140Single line Maggie Graph, Drawing January 31, 2019 Single line47,860Double line
Balance Sheet
January 31, 2019Description Amount Total Group Total Subcategory,Assets Cash 14,650 Office Supplies 1,950 Prepaid Rent 980 Equipment 50,150 44,200Single line Accumulated Depreciation-Equipment -5,950Single line Single line Total Assets Single line61,780Double line Subcategory,Liabilities Accounts Payable 4,450 Salaries Payable 310 Unearned Revenue 4,480 Notes Payable (long-term) 4,680Single line Single line Total Liabilities Single line13,920 Subcategory,Equity Maggie Graph, Capital 47,860Single line Single line Total Equity Single line47,860Single line Total Liabilities + Equity Single line61,780Double 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 17,740 January 31 Income Summary 17,740 January 31 Income Summary 6,390 January 31 Salaries Expense 3,580 January 31 Rent Expense 1,500 January 31 Supplies Expense 210 January 31 Depreciation Expense--Equipment 400 January 31 Utilities Expense 700 January 31 Income Summary 11,350 January 31 Maggie Graph, Capital 11,350 January 31 Maggie Graph, Capital 1,140 January 31 Maggie Graph, Drawing 1,140
Post-Closing Trial Balance
January 31, 2019Accounts Debits Credits Cash 14,650 Office Supplies 1,950 Prepaid Rent 980 Equipment 50,150 Accumulated Depreciation--Equipment 5,950 Accounts Payable 4,450 Unearned Revenue 4,480 Salaries Payable 310 Notes Payable (long-term) 4,680 Maggie Graph, Capital 47,860 Total Single line67,730Double line Single line67,730Double line