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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

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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 141 Equipment 142 Accumulated depreciation-Equipment 202 Accounts payable 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 BALANCE $ 62,000 35,560 8,800 23, 200 100,000 39,520 11, 200 112,000 11,200 302,600 19, 360 9,600 31, 200 148,000 3,800 5,000 7,600 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. General Journal Ledgers Prepare the closing entries. View transaction list X 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. Credit Note : journal entry has been entered Record entry Clear entry View general journal Post the transactions into the appropriate ledger accounts. Hint: Be sure to enter beginning balances. Aretha Hinkle, Capital Account No. 301 Aretha Hinkle, Drawing Date Debit Credit Balance Date Debit Mar 31, 20x1 Mar 31, 20X1 Mar 31, 20x1 Mar 31, 20X1 Mar 31, 20x1 Account No. 302 Credit Balance Account No. 399 Credit Balance Income Summary Date Debit Mar 31, 20x1 Mar 31, 20x1 Mar 31, 20x1 Fees Income Date Debit Mar 31, 20x1 Mar 31, 20x1 Account No. 401 Credit Balance Depreciation Expense-Equipment Date Debit Mar 31, 20X1 Mar 31, 20x1 Account No. 510 Credit Balance Insurance Expense Date Debit Mar 31, 20X1 Mar 31, 20X1 Account No. 511 Credit Balance Rent Expense Date Debit Mar 31, 20X1 Mar 31, 20x1 Account No. 514 Credit Balance Salaries Expense Date Debit Mar 31, 20x1 Mar 31, 20X1 Account No. 517 Credit Balance Depreciation Expense-Equipment Date Debit Mar 31, 20X1 Mar 31, 20x1 Account No. 510 Credit Balance Insurance Expense bate Debit Mar 31, 20x1 Mar 31, 20X1 Account No. 511 Credit Balance Rent Expense Date Debit Mar 31, 20x1 Mar 31, 20X1 Account No. 514 Credit Balance Account No. 517 Credit Balance Salaries Expense Date Debit Mar 31, 20X1 Mar 31, 20x1 Account No. 518 Credit Balance Supplies Expense Date Debit Mar 31, 20X1 Mar 31, 20x1 Account No. 519 Credit Balance Telephone Expense Date Debit Mar 31, 20x1 Mar 31, 20X1 Account No. 523 Credit Balance Utilities Expense Date Debit Mar 31, 20X1 Mar 31, 20X1

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