The ledger accounts of AXX Internet Company appear as follows on March 31, 2019: 25 points eBook Hint Print References ACCOUNT NO. ACCOUNT 101 Cash 111 Accounts Receivable 121 Supplies 131 Prepaid Insurance 141 Equipment Accumulated 142 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 $ 63,000 35, 660 8,900 23,300 101,000 39,620 11,300 113,000 11,300 305, 400 19,460 9,700 31,300 149,000 3,900 5, 100 7,700 On December 31, the Income Summary account of Madison Company has a debit balance of $25,000 after revenue of $27,000 and expenses of 552,000 were closed to the account Madison Wells Drawing has a debit balance of $2.800 and Madison Wells, Capital has a credit balance of $46.000. Required: 1. Record the journal entries necessary to complete closing the accounts 2. What is the new balance of Madison Wells, Capital? Complete this question by entering your answers in the tabs below. Required 1 Required 2 Record the journal entries necessary to complete closing the accounts. View transaction list Journal entry worksheet