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The ledger accounts of AXX Internet Company appear as follows on March 31, 2019: ACCOUNT NO. ACCOUNT BALANCE 101 Cash $ 63,000 111 Accounts Receivable
The ledger accounts of AXX Internet Company appear as follows on March 31, 2019:
ACCOUNT NO. | ACCOUNT | BALANCE | |
101 | Cash | $ | 63,000 |
111 | Accounts Receivable | 35,660 | |
121 | Supplies | 8,900 | |
131 | Prepaid Insurance | 23,300 | |
141 | Equipment | 101,000 | |
142 | Accumulated DepreciationEquipment | 39,620 | |
202 | Accounts Payable | 11,300 | |
301 | Aretha Hinkle, Capital | 113,000 | |
302 | Aretha Hinkle, Drawing | 11,300 | |
401 | Fees Income | 305,400 | |
510 | Depreciation ExpenseEquipment | 19,460 | |
511 | Insurance Expense | 9,700 | |
514 | Rent Expense | 31,300 | |
517 | Salaries Expense | 149,000 | |
518 | Supplies Expense | 3,900 | |
519 | Telephone Expense | 5,100 | |
523 | Utilities Expense | 7,700 | |
All accounts have normal balances. Required:
- Prepare the closing entries.
- Post the transactions in to the appropriate ledger accounts. Hint: Be sure to enter beginning balances.
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.
PLEASE PRINT NO WRITING IT IS NOT LEGIBLE
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