The ledger accounts of AXX Internet Company appear as follows on March 31, 20X1:

ACCOUNT NO.	ACCOUNT	BALANCE
101	Cash	$	77,000
111	Accounts receivable		58,520
121	Supplies		10,300
131	Prepaid insurance		24,700
141	Equipment		115,000
142	Accumulated depreciationEquipment		41,020
202	Accounts payable		12,700
301	Aretha Hinkle, Capital		127,000
302	Aretha Hinkle, Drawing		12,700
401	Fees income		366,060
510	Depreciation expenseEquipment		20,860
511	Insurance expense		11,100
514	Rent expense		32,700
517	Salaries expense		163,000
518	Supplies expense		5,300
519	Telephone expense		6,500
523	Utilities expense		9,100

All accounts have normal balances. Required:

Prepare the closing entries.

Post the transactions into the appropriate ledger accounts. Hint: Be sure to enter beginning balances.