The ledger accounts of Aveeno Company appear as follows on March 31, 20X1:

All accounts have normal balances. Journalize and post the closing entries. Use 4 as the page number for the general journal in journalizing the closing entries. Use account number 399 for the Income Summary account.

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ACCOUNT NO. 101 111 121 131 141 142 202 301 302 401 510 ACCOUNT Cash Accounts Receivable Supplies Prepaid Insurance Equipment Accumulated Depreciation-Equipment Accounts Payable Mesia Aveeno, Capital Mesia Aveeno, Drawing Fees Income Depreciation Expense-Equipment BALANCE $ 80,000 59,820 10,600 25,000 118,000 41,320 14,000 130,000 13,000 374,460 21,160