The ledger accounts of Rapid Speed Internet Company appear as follows on March 31, 2013:

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.

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BALANCE $70,000 15,000 9,600 24,000 108,000 40,320 12,000 120,000 12,000 325,000 20,160 ACCOUNT NO 101 ACCOUNT Cash Accounts Receivable Supplies Prepaid Insurance Equipment Accumulated Depreciation Equipment Accounts Payable Gloria Bahamon, Capital Gloria Bahamon, Drawing Fees Income Depreciation ExpenseEquipment . 121 131 141 142 202 301 302 401 510 511 514 517 518 519 523 Insurance Expense Rent Expense Salaries Expense Supplies Expense Telephone Expense Utilities Expense 10,400 32,000 156,000 4,600 5,800 8,400