Question
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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