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 17,710 Subcategory,Expenses: Salaries Expense 4,200 Rent Expense 1,520 Supplies Expense 250 Depreciation Expense--Equipment 390 Utilities Expense 690Single line Total Expenses Single line7,050Single line Net Income Single line10,660Double line
Statement of Owners Equity
For period ending January 31, 2019Description Amount Maggie Graph, Capital January 1, 2019 40,390 Net Income 10,660Single line Single line51,050 Maggie Graph, Drawing 1,110Single line Maggie Graph, Drawing January 31, 2019 Single line49,940Double line
Balance Sheet
January 31, 2019Description Amount Total Group Total Subcategory,Assets Cash 15,520 Office Supplies 1,880 Prepaid Rent 910 Equipment 52,890 46,070Single line Accumulated Depreciation-Equipment -6,820Single line Single line Total Assets Single line64,380Double line Subcategory,Liabilities Accounts Payable 4,380 Salaries Payable 350 Unearned Revenue 4,410 Notes Payable (long-term) 5,300Single line Single line Total Liabilities Single line14,440 Subcategory,Equity Maggie Graph, Capital 49,940Single line Single line Total Equity Single line49,940Single line Total Liabilities + Equity Single line64,380Double 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 17,710 January 31 Income Summary 17,710 January 31 Income Summary 7,050 January 31 Salaries Expense 4,200 January 31 Rent Expense 1,520 January 31 Supplies Expense 250 January 31 Depreciation Expense--Equipment 390 January 31 Utilities Expense 690 January 31 Income Summary 10,660 January 31 Maggie Graph, Capital 10,660 January 31 Maggie Graph, Capital 1,110 January 31 Maggie Graph, Drawing 1,110
Post-Closing Trial Balance
January 31, 2019Accounts Debits Credits Cash 15,520 Office Supplies 1,880 Prepaid Rent 910 Equipment 52,890 Accumulated Depreciation--Equipment 6,820 Accounts Payable 4,380 Unearned Revenue 4,410 Salaries Payable 350 Notes Payable (long-term) 5,300 Maggie Graph, Capital 49,940 Total Single line71,200Double line Single line71,200Double line