The ledger accounts of AXX Internet Company appear as follows on March 31, 2019:

ACCOUNT NO. ACCOUNT BALANCE 101 Cash $ 64,000 111 Accounts Receivable 35,760 121 Supplies 9,000 131 Prepaid Insurance 23,400 141 Equipment 102,000 142 Accumulated DepreciationEquipment 39,720 202 Accounts Payable 11,400 301 Aretha Hinkle, Capital 114,000 302 Aretha Hinkle, Drawing 11,400 401 Fees Income 308,200 510 Depreciation ExpenseEquipment 19,560 511 Insurance Expense 9,800 514 Rent Expense 31,400 517 Salaries Expense 150,000 518 Supplies Expense 4,000 519 Telephone Expense 5,200 523 Utilities Expense 7,800

All accounts have normal balances.

Required:

1. Prepare the closing entries.
2. Post the transactions in to the appropriate ledger accounts. Hint: Be sure to enter beginning balances.

general journal

a Record the closing entry for revenue.

b Record the closing entry for expenses.

c Record the closing entry for the balance of income summary.

d Record the closing entry for the drawing account.

ledger

• enter your answers in the tabs below.

• General Journal
• Ledgers