5 The ledger accounts of AXX Internet Company appear as follows on March 31, 20x1: ACCOUNT 166 points NO. ACCOUNT BALANCE 101 Cash $ 62,000 111 Accounts receivable 35,560 121 Supplies 8,800 131 Prepaid insurance 23,200 141 Equipment 100,000 142 Accumulated depreciation-Equipment 39,520 202 Accounts payable 11,200 301 Aretha Hinkle, pital 112,000 302 Aretha Hinkle, Drawing 11,200 401 Fees income 302,600) 510 Depreciation expense-Equipment 19,360 511 Insurance expense 9,600 514 Rent expense 31,200 517 Salaries expense 148,000 518 Supplies expense 519 Telephone expense. 523 Utilities expense 3,800 5,000 7,600 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. Aretha Hinkle, Capital Date Mar 31, 20X1 Mar 31, 20X1 Mar 31, 20X1 Aretha Hinkle, Drawing Account No. 301 Debit Credit Balance Date Mar 31, 20X1 M31, 78,040 78,040 20X1 Income Summary Date Mar 31, 20X1 Mar 31, 20X1 Mar 31, 20X1 Account No. 302 Debit Credit Balance 11,200 (11,200) Account No. 399 Fees Income Account No. 401 Debit Credit Balance Date Debit Credit Balance 302,600 Mar 31, 302,600 20X1 Mar 31, 20X1 302,600 (302,600) Depreciation Expense-Equipment Account No. 510 Insurance Expense Account No. 511 Date Mar 31, 20X1 Mar 31, 20x1 Debit Credit Balance Date Debit Credit Balance Mar 31, 20X1 Mar 31, 19,360 (19,360) 9,600 (9,600) 20X1 Date Rent Expense Mar 31, 20X1 Mar 31, 20X1 Account No. 514 Salaries Expense Account No. 517 Debit Credit Balance Date Mar 31, 20X1 Debit Credit Balance 31,200 (31,200) Mar 31, 20x1 < Prev 5 of 6 9 tv A Next > 148,000 (148,000) Re 5 Check my work mode: This shows what is correct or incorrect for the work you have completed so far. It does not indicate compl Depreciation Expense-Equipment Date Mar 31, 20X1 66 Mar 31, 20X1 oints Rent Expense Date Mar 31, 20X1 Mar 31, 20X1 Account No. 510 Insurance Expense Account No. 511 Debit Credit Balance Date Debit Credit Balance Mar 31, 20X1 19,360 (19,360) Mar 31. 20X1 9,600 (9,600) Account No. 514) Salaries Expense Account No. 517 Debit Credit Balance Date Debit Credit Balance Mar 31, 20X1 31,200 (31,200) Mar 31, 20X1 148,000 (148,000) Account No. 518 Telephone Expense Account No. 519 Debit Credit Balance Date Debit Credit Balance Mar 31, 20X1 3,800 (3,800) Mar 31, 20X1 5,000 (5,000) Account No. 523 Debit Credit Balance 7,600 (7,600)