The ledger accounts of AXX Internet Company appear as follows on March 31, 20X1:

ACCOUNT NO.	ACCOUNT	BALANCE
101	Cash	$	67,000
111	Accounts receivable		36,060
121	Supplies		9,300
131	Prepaid insurance		23,700
141	Equipment		105,000
142	Accumulated depreciationEquipment		40,020
202	Accounts payable		11,700
301	Aretha Hinkle, Capital		117,000
302	Aretha Hinkle, Drawing		11,700
401	Fees income		316,600
510	Depreciation expenseEquipment		19,860
511	Insurance expense		10,100
514	Rent expense		31,700
517	Salaries expense		153,000
518	Supplies expense		4,300
519	Telephone expense		5,500
523	Utilities expense		8,100

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.