Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

3. Award: 3.34 points The ledger accounts of AXX Internet Company appear as follows on March 31, 20x1: ACCOUNT NO. ACCOUNT BALANCE 101 Cash $

image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
3. Award: 3.34 points The ledger accounts of AXX Internet Company appear as follows on March 31, 20x1: ACCOUNT NO. ACCOUNT BALANCE 101 Cash $ 80,000 111 Accounts receivable 58,820 121 Supplies 10,600 131 Prepaid insurance 25,000 141 Equipment 118,000 142 Accumulated depreciation Equipment 41,320 202 Accounts payable 13,000 301 Aretha Hinkle, Capital 130,000 302 Aretha Hinkle, Drawing 13,000 401 Fees income 374.460 510 Depreciation expense-Equipment 21,160 511 Insurance expense 11,400 514 Rent expense 33,000 517 Salaries expense 166,000 518 Supplies expense 5,800 519 Telephone expense 6,800 523 Utilities expense 9,400 All accounts have normal balances. Required: 1. Prepare the closing entries 2. Post the transactions into the appropriate ledger accounts. Hint: Be sure to enter beginning balances. Journal entry worksheet Record the closing entry for revenue. Note: Enter debits before credits. General Journal Debit Credit Date Mar 31, 20X1 Hecord of try Clearniry View general Journal Record the closing entry for expenses. Note: Enter debits before credits. General Journal Debit Credit Date Mar 31, 20X1 incord entry Clear entry View general journal Journal entry worksheet 1 2 3 4 > Record the closing entry for the balance of income summary, Note: Enter debits before credits. General Journal Debit Credit Date Mar 31, 20X1 Hecord entry Clear entry View general Journal View transaction list Journal entry worksheet Record the closing entry for the drawing account. Note: Enter debits before eredits. General Journal Debit Date Mar 31, 20X1 Credit Record of try Clear entry View general Journal The ledger accounts of AXX Internet Company appear as follows on March 31, 20X1: ACCOUNT NO ACCOUNT BALANCE 101 Cash $ 80,000 Accounts recevable 58,820 121 Supplies 10,600 131 Prepaid Insurance 26,000 141 Equipment 118,000 142 Accumulated depreciation--Equipment 41,320 202 Accounts payable 13,000 301 Aretha Hinkle, Capital 130,000 302 Arethe Hinkle, Drawing 13,000 401 Fees income 374,460 510 Depreciation expense-Equipment 21,180 811 Insurance expense 11,400 814 Rent expense 33,000 517 Salaries expense 166,000 818 Supplies expense 5,600 519 Telephone expense 6,800 323 Utilities expense 9.400 All accounts have normal balances. Required: 1. Prepare the closing entries 2. Post the transactions into the appropriate ledger accounts. Hint: Be sure to enter beginning balances Complete this question by entering your answers in the tabs below. General Journal Ledgers Post the transactions into the appropriate ledger accounts. Hint: Be sure to enter beginning balances. Aretha Hinkle, Capital Ascount No. 301 Aretha Hinkle, Drawing Dato Debit Credit Balance Dato Debit Mar 31, 20X1 130,000 Mar 31, 20X1 Mar 31, 20X1 Mar 31, 20X1 Mar 31, 20X1 Account No. 302 Credit Balance IB000 Account No. 390 Credit Balance Income Surnmary Date Debit Mar 31, 20X1 Mar 31, 20X1 Mar 31, 20X1 Fees Income Data Debit Mar 31, 20x1 Mar 31, 20X1 Account No. 401 Credit Balance 1137460 Depreciation Expense-Equipment Date Dobit Mar 31, 20X1 Mar 31, 20X1 Account No. 310 Credit Balance 2160 Account No. 811 Credit Balance Insurance Expense Date Debit Mar 31, 20X1 Mar 31, 20X1 Debit Rent Expense Date Mar 31, 20X1 Mar 31, 20X1 Account No. 614 Credit Balance 33 000 Salaries Expanse Date Debit Mar 31, 20X1 Mar 31, 20X1 Account No. 817 Credit Balance 766.000 Supplies Expense Date Dobit Mer 31, 20X1 Mar 31, 20X1 Account No. 518 Credit Balance SCO Account No. 810 Credit Balance Telephone Expense Date Debit Mar 31, 20X1 Mar 31, 20X1 Utilities Expense Data Debit Mar 31, 20X1 Mar 31, 20X1 Account No. 523 Credit Balance GX400 eneroumal Ledor

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Using QuickBooks Online For Accounting

Authors: Glenn Owen

3rd Edition

0357391691, 9780357391693

More Books

Students also viewed these Accounting questions

Question

What are some of the topics studied?

Answered: 1 week ago

Question

How would you rate Hsiehs leadership using the Leadership Grid?

Answered: 1 week ago