• 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.

Exercise 6.6 Closing entries. LO 6-1 The ledger accounts of AXX Internet Company appear as follows on March 31, 2019: 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 $ 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 All accounts have normal balances. Required: 1. Prepare the closing entries. 2. Post the transactions in to the appropriate ledger accounts. Hint: Be sure to enter beginning balances. General Journal Ledgers Post the transactions in to the appropriate ledger accounts. Hint: Be sure to enter beginning balances. Account No. 301 Credit Balance Aretha Hinkle, Drawing Date Debit Account No. 302 Credit Balance Aretha Hinkle, Capital Date Debit Mar 31, 2019 Mar 31, 2019 Mar 31, 2019 Mar 31, 2019 Mar 31, 2019 Account No. 399 Credit Balance o Debit Caccount No. 401 Account No. 401 Credit Balance Income Summary Date Debit Mar 31, 2019 Mar 31, 2019 Mar 31, 2019 Fees Income Date Debit Mar 31, 2019 Mar 31, 2019 Account No. 510 Credit Balance Account No. 511 Credit Balance creaccount No. 511 Depreciation Expense-Equipment Date Debit Mar 31, 2019 Mar 31, 2019 Insurance Expense Date Debit Mar 31, 2019 Mar 31, 2019 Account No. 514 Credit Balance Account No. 517 Credit Balance Rent Expense Date Debit Mar 31, 2019 Mar 31, 2019 Salaries Expense Date Debit Mar 31, 2019 Mar 31, 2019 Account No. 518 Credit Balance Account No. 519 Credit Balance Supplies Expense Date Debit Mar 31, 2019 Mar 31, 2019 Telephone Expense Date Debit Mar 31, 2019 Mar 31, 2019 Account No. 523 Credit Balance Utilities Expense Debit Mar 31, 2019 Mar 31, 2019