The ledger accounts of AXX Internet Company appear as follows on March 31, 2019:

ACCOUNT NO.	ACCOUNT	BALANCE
101	Cash	$	72,000
111	Accounts Receivable		58,020
121	Supplies		9,800
131	Prepaid Insurance		24,200
141	Equipment		110,000
142	Accumulated DepreciationEquipment		40,520
202	Accounts Payable		12,200
301	Aretha Hinkle, Capital		122,000
302	Aretha Hinkle, Drawing		12,200
401	Fees Income		352,060
510	Depreciation ExpenseEquipment		20,360
511	Insurance Expense		10,600
514	Rent Expense		32,200
517	Salaries Expense		158,000
518	Supplies Expense		4,800
519	Telephone Expense		6,000
523	Utilities Expense		8,600

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.