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

Table Summary: 

Table consists of 17 rows and 3 columns. Account number, account, and balance are the three column heads.

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 the Income Summary account.

Transcribed Image Text:

ACCOUNT NO. ACCOUNT Cash Accounts Receivable Supplies Prepaid Insurance 101 111 121 131 141 142 202 301 302 401 510 511 514 517 518 519 523 Equipment Accumulated Accounts Payable Anna Perera, Capital Anna Perera, Drawing Fees Income Depreciation-Equipment Depreciation Expense Equipment Insurance Expense Rent Expense Salaries Expense Supplies Expense Telephone Expense Utilities Expense BALANCE $160,000 119,640 21,200 50,000 236,000 82,640 28,000 260,000 26,000 748,920 42,320 22,800 66,000 332,000 11,200 13,600 18,800