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

ACCOUNT NO.	ACCOUNT	BALANCE
101	Cash	$	63,000
111	Accounts Receivable		35,660
121	Supplies		8,900
131	Prepaid Insurance		23,300
141	Equipment		101,000
142	Accumulated DepreciationEquipment		39,620
202	Accounts Payable		11,300
301	Aretha Hinkle, Capital		113,000
302	Aretha Hinkle, Drawing		11,300
401	Fees Income		305,400
510	Depreciation ExpenseEquipment		19,460
511	Insurance Expense		9,700
514	Rent Expense		31,300
517	Salaries Expense		149,000
518	Supplies Expense		3,900
519	Telephone Expense		5,100
523	Utilities Expense		7,700

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 Entry

Ledgers

Journal Entry Worksheet:

Record closing entry for Revenue, Expenses, Balance of income summary, Closing entry for the drawing account.