Exercise 6.6 (Static) Closing entries. LO 6-1 The ledger accounts of Aveeno Company appear as follows on March 31, 20X1: ACCOUNT NO. 101 111 121 131 141 142 202 301 302 401 510 511 514 517 518 519 523 ACCOUNT Cash Accounts receivable Supplies Prepaid insurance Equipment Accumulated depreciation-Iquipment Accounts payable Mesia Aveeno, Capital Mesia Aveeno, Drawing Fees income Depreciation expense-Equipment Insurance expense Rent expense Salaries expense Supplies expense Telephone expense Utilities expense BALANCE $ 80,000 59,820 10,600 25,000 118,000 41,320 14,000 130,000 13,000 374,460 21,160 11,400 33,000 166,000 5,600 6,800 9,400 All accounts have normal balances Required: 1. Prepare the closing entries. 2. Post the transactions into the appropriate ledger accounts. Hidt Be sure to enter beginning balances. Required: 1. Prepare the closing entries. 2. Post the transactions into the appropriate ledger accounts. Hint: Be sure to enter beginning balances. Answer is not complete. Complete this question by entering your answers in the tabs below. General Journal Ledgers Prepare the closing entries. No Date General Journal Credit 1 Mar 31, 20x1 Fees income Income summary Debit 374,460 374.460 2 Mar 31, 20X1 253,360 Income summary Depreciation expense-Equipment Insurance expense Rent expense Salaries expense Supplies expense Telephone expense Utilities expense 21.160 11,400 33,000 166,000 5,600 6.800 9,400 IS OOO Date General Journal Credit No 1 Debit 374,460 Mar 31, 20X1 > Fees income Income summary 374.460 2 Mar 31, 20X1 253,360 0 Income summary Depreciation expense-Equipment Insurance expense Rent expense Salaries expense Supplies expense Telephone expense Utilities expense 21,160 11,400 33,000 166,000 5,600 6.800 9,400 3 Mar 31, 20X1 Income summary Mesia Aveeno, Capital 121,100 121,100 4 Mar 31, 20X1 Mesia Aveeno, Capital Mesia Aveeno, Drawing 13,000 13,000 Camera uma Ledgers > General Journal Ledgers Post the transactions into the appropriate ledger accounts, int: Be sure to enter beginning balances Mesia Aveeno, Capital Account No. 301 Mesla Aveeno, Drawing Date Debit Cret Balance Date Debit Mar 31, 20x1 130,000 Mar 31, 20X1 Mar 31, 2001 13,000 117.000 Mar 31, 20X1 Mar 31, 20X1 Account No. 302 Credit Balance Income Summary Date Deba Mar 31, 20% Mar 31, 20X1 Mar 31, 20x1 Account No. 319 Credit Balance Fees Income Date Mar 31, 20X1 Mar 31, 2011 Debiut Account No. 401 Balance . Depreciation Expense Equipment Date Dell Mar 31, 20X1 Mar 31, 20x1 Account No. 510 Credit Balance Insurance Expense Date Debit M31,20x1 Mar 31.20x1 Account No. 511 Credit Balance Rent Expense Date w Debit Account No. 514 Credit Balance Salaries Experts Date Debit Account No. 517 Credit Biance M Account No. 510 Credit Balance Account No. 511 Credit Balance Depreciation Expense--Equipment Date Debit Mar 31, 20X1 Mar 31, 20X1 Insurance Expenso Date Debit Mar 31, 20X1 Mar 31, 20X1 Account No. 514 Credit Balance Account No. 517 Credit Balance Debit Rent Expense Date Mar 31, 20X1 Mar 31, 20X1 Salaries Expense Date Debit Mar 31, 20X1 Mar 31, 20X1 Account No. 518 Credit Balance Account No. 519 Credit Balance Supplies Expense Date Debit Mar 31, 20X1 Mar 31, 20X1 Telephone Expense Date Debit Mar 31, 20X1 Mar 31, 20X1 Account No. 523 Credit Balance Debit Utilities Expense Date Mar 31, 20X1 Mar 31, 20X1