The ledger accounts of AXX Internet Company appear as follows on March 31, 2019: ACCOUNT NO. ACCOUNT

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 Depreciation—Equipment 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 Expense—Equipment 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: Prepare the closing entries. Post the transactions in to the appropriate ledger accounts. Hint: Be sure to enter beginning balances.

Record the closing entry for revenue

Record the closing entry for expenses

Record the closing entry for the balance of income summary

Record the closing entry for the drawing account.

PLEASE PRINT NO WRITING IT IS NOT LEGIBLE

 

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