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 $ 65,000 35, 860 9, 100 23,500 103, 000 39, 820 11,500 115,000 11,500 311,000 19, 660 9, 900 31, 500 151, 000 4, 100 5, 300 7,900 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 entering your answers in the tabs below. General Journal Ledgers Prepare the closing entries. View transaction list General Journal Ledgers Prepare the closing entries. View transaction list Journal entry worksheet