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 17,520 Subcategory,Expenses: Salaries Expense 4,060 Rent Expense 1,460 Supplies Expense 200 Depreciation Expense--Equipment 420 Utilities Expense 720Single line Total Expenses Single line6,860Single line Net Income Single line10,660Double line
Statement of Owners Equity
For period ending January 31, 2019Description Amount Maggie Graph, Capital January 1, 2019 39,950 Net Income 10,660Single line Single line50,610 Maggie Graph, Drawing 920Single line Maggie Graph, Drawing January 31, 2019 Single line49,690Double line
Balance Sheet
January 31, 2019Description Amount Total Group Total Subcategory,Assets Cash 15,880 Office Supplies 1,680 Prepaid Rent 980 Equipment 52,450 45,270Single line Accumulated Depreciation-Equipment -7,180Single line Single line Total Assets Single line63,810Double line Subcategory,Liabilities Accounts Payable 4,180 Salaries Payable 300 Unearned Revenue 4,480 Notes Payable (long-term) 5,160Single line Single line Total Liabilities Single line14,120 Subcategory,Equity Maggie Graph, Capital 49,690Single line Single line Total Equity Single line49,690Single line Total Liabilities + Equity Single line63,810Double 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 17,520 January 31 Income Summary 17,520 January 31 Income Summary 6,860 January 31 Salaries Expense 4,060 January 31 Rent Expense 1,460 January 31 Supplies Expense 200 January 31 Depreciation Expense--Equipment 420 January 31 Utilities Expense 720 January 31 Income Summary 10,660 January 31 Maggie Graph, Capital 10,660 January 31 Maggie Graph, Capital 920 January 31 Maggie Graph, Drawing 920
Post-Closing Trial Balance
January 31, 2019Accounts Debits Credits Cash 15,880 Office Supplies 1,680 Prepaid Rent 980 Equipment 52,450 Accumulated Depreciation--Equipment 7,180 Accounts Payable 4,180 Unearned Revenue 4,480 Salaries Payable 300 Notes Payable (long-term) 5,160 Maggie Graph, Capital 49,690 Total Single line70,990Double line Single line70,990Double line