ACCOUNT NO. ACCOUNT BALANCE 101 Cash $ 61,000 111 Accounts receivable 35,460 121 Supplies 8,700 131 Prepaid insurance 23,100 141 Equipment 99,000 142 Accumulated depreciationEquipment 39,420 202 Accounts payable 11,100 301 Aretha Hinkle, Capital 111,000 302 Aretha Hinkle, Drawing 11,100 401 Fees income 299,800 510 Depreciation expenseEquipment 19,260 511 Insurance expense 9,500 514 Rent expense 31,100 517 Salaries expense 147,000 518 Supplies expense 3,700 519 Telephone expense 4,900 523 Utilities expense 7,500 All accounts have normal balances. Required: Prepare the closing entries. Post the transactions into the appropriate ledger accounts. Hint: Be sure to enter beginning balances