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The ledger accounts of Aveeno Company appear as follows on March 31, 20X1 ACCOUNT NO. ACCOUNT 101 Cash BALANCE $ 80,000 111 Accounts receivable 59,820
The ledger accounts of Aveeno Company appear as follows on March 31, 20X1 ACCOUNT NO. ACCOUNT 101 Cash BALANCE $ 80,000 111 Accounts receivable 59,820 121 Supplies 10,600 131 Prepaid insurance 25,000 141 Equipment 118,000 142 Accumulated depreciation-Equipment 41,320 202 Accounts payable 14,000 301 Mesia Aveeno, Capital 130,000 302 Mesia Aveeno, Drawing 13,000 401 Fees income 374,460 510 Depreciation expense-Equipment 21,160 511 Insurance expense 11,400 514 Rent expense 33,000 517 Salaries expense 166,000 518 Supplies expense 5,600 519 Telephone expense 6,800 523 Utilities expense 9,400 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. General Journal Ledgers Post the transactions into the appropriate ledger accounts. Hint: Be sure to enter beginning balances. Mesia Aveeno, Capital Date Mar 31, 20X1 Mar 31, 20X1 Mar 31, 20X1 Income Summary Date Mar 31, 20X1 Mar 31, 20X1 Mar 31, 20X1 Account No. 301 Mesia Aveeno, Drawing Account No. 302 Debit Credit Balance Date Debit Credit Balance Mar 31, 20X1 Mar 31, 20X1 Account No. 399 Fees Income Account No. 401 Debit Credit Balance Date Mar 31, 20X1 Mar 31, 20X1 Debit Credit Balance Depreciation Expense-Equipment Account No. 510 Insurance Expense Date Debit Credit Balance Date Account No. 511 Debiti Credit Balance Mar 31, 20X1 Mar 31, 20X1 Mar 31, 20X1 Mar 31, 20X1 Rent Expense Account No. 514 Date Debit Credit Balance Salaries Expense Date: Account No. 517 Debit Credit Balance Mar 31, 20X1 Mar 31, 20X1 Mar 31, 20X1 Mar 31, 20X1 Supplies Expense Date Mar 31, 20X1 Mar 31, 20X1 Utilities Expense Date Mar 31, 20X1 Mar 31, 20X1 Account No. 519 Debit Credit Balance Account No. 518 Debit Credit Balance Telephone Expense Date Mar 31, 20X1 Mar 31, 20X1 Account No. 523 Debit Credit Balance
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