The ledger accounts of I-Cloud Internet Company appear as follows on March 31, 2016:

All accounts have normal balances. Journalize and post the closing entries. Use 4 as the page number for the general journal in journalizing the closing entries. Use account number 399 for theIncome SummaryAccount.

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BALANCE $80,000 58,820 10,600 25,000 118,000 41,320 13,000 130,000 13,000 374,460 21,160 11,400 33,000 166,000 5,600 6,800 9,400 ACCOUNT NO 101 ACCOUNT Cash Accounts Receivable 121 131 141 142 202 301 302 401 510 511 514 517 518 519 523 ies Prepaid Insurance Equipment Accumulated Depreciation-Equipment Accounts Payable Lee Retha Hale, Capital Lee Retha Hale, Drawing Fees Income Depreciation Expense-Equipment Insurance Expense Rent Expense Salaries Expense Supplies Expense Telephone Expense Utilities Expense