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 17,730 Subcategory,Expenses: Salaries Expense 3,580 Rent Expense 1,500 Supplies Expense 220 Depreciation Expense--Equipment 400 Utilities Expense 700Single line Total Expenses Single line6,400Single line Net Income Single line11,330Double line
Statement of Owners Equity
For period ending January 31, 2019Description Amount Maggie Graph, Capital January 1, 2019 38,650 Net Income 11,330Single line Single line49,980 Maggie Graph, Drawing 1,130Single line Maggie Graph, Drawing January 31, 2019 Single line48,850Double line
Balance Sheet
January 31, 2019Description Amount Total Group Total Subcategory,Assets Cash 15,430 Office Supplies 1,680 Prepaid Rent 940 Equipment 51,150 44,420Single line Accumulated Depreciation-Equipment -6,730Single line Single line Total Assets Single line62,470Double line Subcategory,Liabilities Accounts Payable 4,180 Salaries Payable 320 Unearned Revenue 4,440 Notes Payable (long-term) 4,680Single line Single line Total Liabilities Single line13,620 Subcategory,Equity Maggie Graph, Capital 48,850Single line Single line Total Equity Single line48,850Single line Total Liabilities + Equity Single line62,470Double 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 17,730 January 31 Income Summary 17,730 January 31 Income Summary 6,400 January 31 Salaries Expense 3,580 January 31 Rent Expense 1,500 January 31 Supplies Expense 220 January 31 Depreciation Expense--Equipment 400 January 31 Utilities Expense 700 January 31 Income Summary 11,330 January 31 Maggie Graph, Capital 11,330 January 31 Maggie Graph, Capital 1,130 January 31 Maggie Graph, Drawing 1,130
Post-Closing Trial Balance
January 31, 2019Accounts Debits Credits Cash 15,430 Office Supplies 1,680 Prepaid Rent 940 Equipment 51,150 Accumulated Depreciation--Equipment 6,730 Accounts Payable 4,180 Unearned Revenue 4,440 Salaries Payable 320 Notes Payable (long-term) 4,680 Maggie Graph, Capital 48,850 Total Single line69,200Double line Single line69,200Double line