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The ledger accounts of AXX Internet Company appear as follows on March 31, 2019 Account NO. Account Balance 101 Cash $62,000 111 Accounts Receivable 35,560

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

Account

NO. Account Balance

101 Cash $62,000

111 Accounts Receivable 35,560

121 Supplies 8,800

131 Prepaid Insurance 23,200

141 Equipment 100,000

142 Accumulated Depreciation-Equipment 39,520

202 Accounts Payable 11,200

301 Aretha Hinkle, Capital 112,000

302 Aretha Hinkle, Drawing 11,200

401 Fees Income 302,600

510 Depreciation Expense-Equipment 19,360

511 Insurance Expense 9,600

514 Rent Expense 31,200

517 Salaries Expense 148,000

518 Supplies Expense 3,800

519 Telephone Expense 5,000

523 Utilities Expense 7,600

All accounts have normal balance

Prepare the closing entries

Post the transactions in to the appropriate ledger accounts.

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