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 17,760 Subcategory,Expenses: Salaries Expense 3,740 Rent Expense 1,520 Supplies Expense 150 Depreciation Expense--Equipment 390 Utilities Expense 690Single line Total Expenses Single line6,490Single line Net Income Single line11,270Double line
Statement of Owners Equity
For period ending January 31, 2019Description Amount Maggie Graph, Capital January 1, 2019 38,330 Net Income 11,270Single line Single line49,600 Maggie Graph, Drawing 1,160Single line Maggie Graph, Drawing January 31, 2019 Single line48,440Double line
Balance Sheet
January 31, 2019Description Amount Total Group Total Subcategory,Assets Cash 15,180 Office Supplies 1,860 Prepaid Rent 1,020 Equipment 50,830 44,350Single line Accumulated Depreciation-Equipment -6,480Single line Single line Total Assets Single line62,410Double line Subcategory,Liabilities Accounts Payable 4,360 Salaries Payable 250 Unearned Revenue 4,520 Notes Payable (long-term) 4,840Single line Single line Total Liabilities Single line13,970 Subcategory,Equity Maggie Graph, Capital 48,440Single line Single line Total Equity Single line48,440Single line Total Liabilities + Equity Single line62,410Double 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 17,760 January 31 Income Summary 17,760 January 31 Income Summary 6,490 January 31 Salaries Expense 3,740 January 31 Rent Expense 1,520 January 31 Supplies Expense 150 January 31 Depreciation Expense--Equipment 390 January 31 Utilities Expense 690 January 31 Income Summary 11,270 January 31 Maggie Graph, Capital 11,270 January 31 Maggie Graph, Capital 1,160 January 31 Maggie Graph, Drawing 1,160
Post-Closing Trial Balance
January 31, 2019Accounts Debits Credits Cash 15,180 Office Supplies 1,860 Prepaid Rent 1,020 Equipment 50,830 Accumulated Depreciation--Equipment 6,480 Accounts Payable 4,360 Unearned Revenue 4,520 Salaries Payable 250 Notes Payable (long-term) 4,840 Maggie Graph, Capital 48,440 Total Single line68,890Double line Single line68,890Double line