The ledger accounts of AXX Internet Company appear as follows on March 31, 20X1: ACCOUNT NO. 101 Cash ACCOUNT 111 Accounts receivable 121 Supplies BALANCE $ 65,000 35,860 9,100 131 Prepaid insurance 23,500 141 Equipment 103,000 142 Accumulated depreciation-Equipment 39,820 202 Accounts payable 11,500 301 Aretha Hinkle, Capital 115,000 302 Aretha Hinkle, Drawing 11,500 401 Fees income. 311,000 510 Depreciation expense-Equipment 19,660 511 Insurance expense 9,900 514 Rent expense 31,500 517 Salaries expense 518 Supplies expense 519 Telephone expense 523 Utilities expense 151,000 4,100 5,300 7,900 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 < 1 2 3 4 Record the closing entry for revenue. Note: Enter debits before credits. Date Mar 31, 20X1 General Journal Debit Credit Record entry Clear entry View general journal >