Exercise 6.6 (Algo) Closing entries. LO 6-1 The ledger accounts of AXX Internet Company appear as follows on March 31, 20X1: ACCOUNT NO. ACCOUNT 101 Cash 111 Accounts receivable 121 Supplies 131 Prepaid insurance 141 Equipment 142 Accumulated depreciation-Equipment 202 Accounts payable 301 Aretha Hinkle, Capital 302 Aretha Hinkle, Drawing 401 Fees income 510 Depreciation expense-Equipment 511 Insurance expense 514 Rent expense 517 Salaries expense 518 Supplies expense 519 Telephone expense 523 Utilities expense BALANCE $ 75,000 58,320 10,100 24,500 113,000 40,820 12,500 125,000 12,500 360,460 20,660 10,900 32,500 161,000 5,100 6,300 8,900 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 ant Journal entry worksheet 3 4 > Record the closing entry for the balance of income summary Note: Enter debits before credits. nces Date General Journal Mar 31, 20X1 income summary Aretha Hinkle, Capital Debit Credit Record entry Clear entry View general journal Ledgers > Complete this question by entering your answers in the tabs below. General Journal Ledgers Prepare the closing entries. View transaction list Journal entry worksheet