The ledger accounts of AXX Internet Company appear as follows on March 31, 20X1: ACCOUNT NO. ACCOUNT 101 Cash 111 Accounts receivable 121 Supplies 131 Prepaid insurance BALANCE $ 66,000 35,960 9,200 23,600 141 Equipment 142 Accumulated depreciation-Equipment 104,000 39,920 202 Accounts payable 11,600 301 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 116,000 11,600 313,800 19,760 10,000 31,600 152,000 4,200 5,400 8,000 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