MUSIC CONCEPTS Work Sheet For the Year Ended December 31, 2019 Income Statement Accounts Debit Credit Cash Accounts Receivable Supplies Prepaid Insurance Audio Equipment Accumulated Depreciation Audio Equipment Accounts Payable Note Payable Salaries Payable J. Franco, Capital J. Franco, Drawing Audio Revenue 123,000 Advertising Expense 18,000 Depreciation Expense 12,000 Insurance Expense 3,000 Rent Expense 17,000 Salaries Expense 40,000 Supplies Expense 6,000 Totals 96,000 123,000 Net Income 27,000 123.000 123.000 Balance Sheet Debit Credit 20,000 11,000 4,000 6,000 205,000 29,000 19,000 70,000 3,000 112,000 14,000 260,000 233,000 27,000 260.000 260.000 Instructions The financial statement columns of the work sheet for Music Concepts at December 31, 2019, are as above. REQUIRED: Prepare equity and income statements at December 31, 2019