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 BALANCE 101 Cash. $ 74,000 111 Accounts receivable 58,220 121 Supplies 10,000 131 Prepaid insurance 24,400 141 Equipment 112,000 142 Accumulated depreciation-Equipment 40,720 202 Accounts payable 12,400 301 Aretha Hinkle, Capital 124,000 302 Aretha Hinkle, Drawing 12,400 401 Fees income. 357,660 510 Depreciation expense-Equipment 20,560 511 Insurance expense 10,800 514 Rent expense 32,400 517 Salaries expense 160,000 518 Supplies expense 5,000 519 Telephone expense 6,200 523 Utilities expense 8,800 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. Complete this question by entering your answers in the tabs below. General Journal Ledgers Prepare the closing entries. View transaction list Journal entry worksheet < 1 2 3 4 Record the closing entry for revenue. Note: Enter debits before credits. Date Mar 31, 20X1 General Journal Debit Credit Record entry Clear entry View general Journal General Journal Ledgers Prepare the closing entries. View transaction list Journal entry worksheet < 2 3 4 Record the closing entry for expenses. Note: Enter debits before credits. Date Mar 31, 20X1 General Journal Debit Credit Record entry Clear entry View general journal Journal entry worksheet < 1- 2 B 4 Record the closing entry for the balance of income summary. Note: Enter debits before credits. Date Mar 31, 20X1 General Journal Debit Credit Record entry Clear entry View general journal General Journal Ledgers > Journal entry worksheet < 1. 2 3 Record the closing entry for the drawing account. Note: Enter debits before credits. Date Mar 31, 20X1 General Journal Debit Credit Record entry Clear entry View general journal General Journal Ledgers Post the transactions into the appropriate ledger accounts. Hint: Be sure to enter beginning balances. Aretha Hinkle, Capital Aretha Hinkle, Drawing Date: Mar 31, 20X1 Mar 31, 20X1" Mar 31, 20X1 Account No. 301 Debit Credit Balance Date Mar 31, 20X1 Mar 31, 20X1 Income Summary Date Mar 31, 20X11 Mar 31, 20X1 Mar 31, 20X1 Account No. 302 Debit Credit Balance Account No. 399 Fees Income Account No. 401 Debit Credit Balance: Date Mar 31, 20X11 Debit Credit Balance Mar 31, 20X1 Depreciation Expense-Equipment Account No. 510 Insurance Expense Date: Mar 31, 20X1 Mar 31, 20X1 Debit Credit Balance Date Mar 31, 20X1 Account No. 511 Debit Credit Balance Mar 31, 20X1 Rent Expense Account No. 514 Salaries Expense Account No. 517 Date Mar 31, 20X1 Mar 31, 20X11 Debit Credit Balance Date Debit Credit Balance. Mar 31, 20X1 Mar 31, 20X1 Supplies Expense Date Mar 31, 20X1 Mar 31, 20X1 Account No. 519 Debit Credit Balance Account No. 518 Telephone Expense Debit Credit Balance Date Mar 31, 20X1 Utilities Finanse Account No 523 Mar 31, 20X1 Mar 31, 20X11 Mar 31, 20X1 Mar 31, 20X1 Account No. 511 Debit Credit Balance Depreciation Expense-Equipment Account No. 510 Insurance Expense Date Mar 31, 20X1 Mar 31, 20X1 Debit Credit Balance Date Mar 31, 20X1 Mar 31, 20X1 Date Mar 31, 20X1 Mar 31, 20X1 Rent Expense Supplies Expense Date Mar 31, 20X1 Mar 31, 20X1 Utilities Expense Date Mar 31, 20X1 Mar 31, 20X1 Account No. 517 Debit Credit Balance Account No. 514 Salaries Expense Debit Credit Balance Date Mar 31, 20X1 Mar 31, 20X1 Account No. 519 Debit Credit Balance Account No. 518 Telephone Expense Debit Credit Balance Date Mar 31, 20X1 Mar 31, 20X1 Account No. 523 Debit Credit Balance < General Journal Ledgers >