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The following are the Financial Statements of Maggie’s Music Shop.

Maggies Music Shop
Income Statement
For period ending January , 2019
DescriptionAmountTotal
Service Revenue17,740
Subcategory,Expenses:
Salaries Expense3,580
Rent Expense1,500
Supplies Expense210
Depreciation Expense--Equipment400
Utilities Expense700Single line
Total ExpensesSingle line6,390Single line
Net IncomeSingle line11,350Double line

 

Maggies Music Shop
Statement of Owners Equity
For period ending January 31, 2019
DescriptionAmount
Maggie Graph, Capital January 1, 201937,650
Net Income11,350Single line
Single line49,000
Maggie Graph, Drawing1,140Single line
Maggie Graph, Drawing January 31, 2019Single line47,860Double line

 

Maggies Music Shop
Balance Sheet
January 31, 2019
DescriptionAmountTotalGroup Total
Subcategory,Assets
Cash14,650
Office Supplies1,950
Prepaid Rent980
Equipment50,15044,200Single line
Accumulated Depreciation-Equipment-5,950Single lineSingle line
Total AssetsSingle line61,780Double line
Subcategory,Liabilities
Accounts Payable4,450
Salaries Payable310
Unearned Revenue4,480
Notes Payable (long-term)4,680Single lineSingle line
Total LiabilitiesSingle line13,920
Subcategory,Equity
Maggie Graph, Capital47,860Single lineSingle line
Total EquitySingle line47,860Single line
Total Liabilities + EquitySingle line61,780Double line

 

(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.

Journal
DateDescriptionDebitCredit
January 31
January 31
January 31
January 31
January 31
January 31
January 31
January 31
January 31
January 31
January 31
January 31

(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.

Maggie's Music Shop
Post-Closing Trial Balance
January 31, 2019
AccountsDebitsCredits
TotalSingle lineDouble lineSingle lineDouble line


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