• Record the closing entry for revenue.
• Record the closing entry for expenses.
• Record the closing entry for the balance of income summary.
• Record the closing entry for the drawing account.
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Exercise 6.6 Closing entries. LO 6-1 The ledger accounts of AXX Internet Company appear as follows on March 31, 2019: ACCOUNT NO. 101 Cash ACCOUNT 111 Accounts Receivable 121 Supplies 131 Prepaid Insurance 141 Equipment 142 Accumulated Depreciation-Equipment Accounts Payable 202 301 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 All accounts have normal balances. BALANCE $ 61,000 35,460 8,700 23,100 99,000 39,420 11,100 111,000 11,100 299,800 19, 260 9,500 31,100 147,000 3,700 4,900 7,500 Required: 1. Prepare the closing entries. 2. Post the transactions in to the appropriate ledger accounts. Hint: Be sure to enter beginning balances.