The ledger accounts of AXX Internet Company appear as follows on March 31, 20x1: ACCOUNT NO. BALANCE $ 60,000 ACCOUNT 101 Cash 111 Accounts receivable 121 Supplies 131 Prepaid insurance 35,360 8,600 23,000 141 Equipment 98,000 142 Accumulated depreciation-Equipment 39,320 202 Accounts payable 11,000 301 Aretha Hinkle, Capital 110,000 302 Aretha Hinkle, Drawing 11,000 401 Fees income 297,000 510 Depreciation expense-Equipment 19,160 511 Insurance expense 9,400 31,000 146,000 3,600 4,800 7,400 514 Rent expense 517 Salaries expense 518 Supplies expense 519 Telephone expense. 523 Utilities expense 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. Complete this question by entering your answers in the tabs below. General Journal Ledgers Prepare the closing entries. View transaction list Journal entry worksheet Complete this question by entering your answers in the tabs below. General Journal Ledgers Prepare the closing entries. View transaction list 1 Record the closing entry for revenue. 2 Record the closing entry for expenses. 3 Record the closing entry for the balance of income summary. 4 Record the closing entry for the drawing account. Note: journal entry has been entered X ' Credit General Journal Ledgers Post the transactions into the appropriate ledger accounts. Hint: Be sure to enter beginning balances. Aretha Hinkle, Capital Aretha Hinkle, Drawing Date Mar 31, 20X1 Mar 31, 20X1 Mar 31, 20X1 Account No. 301 Debit Credit Balance Date Mar 31, 20X1 Mar 31, 20X1 Income Summary Date Mar 31, 20X1 Mar 31, 20X1 Mar 31, 20X1 Account No. 302 Debit Credit Balance Account No. 399 Debit Credit Balance Fees Income Date Account No. 401 Debit Credit Balance Mar 31, 20X1 Mar 31, 20X1 Depreciation Expense-Equipment Account No. 510 Insurance Expense Date Mar 31, 20X1. Mar 31, 20X1 Debit Credit Balance Date Mar 31, 20X1 Account No. 511 Debit Credit Balance Mar 31, 20X1 Rent Expense Account No. 514 Date Mar 31, 20X1 Mar 31, 20X1 Debit Credit Balance Salaries Expense Date Mar 31, 20X1 Account No. 517 Debit Credit Balance Mar 31, 20X1 Supplies Expense Date Mar 31, 20X1 Mar 31, 20X1 Account No. 519 Debit Credit Balance Account No. 518 Telephone Expense Debit Credit Balance Date Mar 31, 20X1 Mar 31, 20X1 Account No. 523 Debit Credit Balance Utilities Expense Date Mar 31, 20X1 Mar 31, 20X1