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

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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ACCOUNT NO. ACCOUNT BALANCE $ 40,000 101 Cash 111 Accounts Receivable 29,910 Supplies 121 5,300 131 Prepald Insurance 12,500 141 Equipment 59,000 142 Accumulated Depreciation-Equipment Accounts Payable 20,660 202 7,000 65,000 301 Aretha Hinkle, Capital Aretha Hinkle, Drawing 302 6,500 401 Fees Income 187,230 510 Depreciation Expense-Equipment 10,580 5,700 511 Insurance Expense 514 Rent Expense 16,500 517 Salarles Expense 83,000 518 Supplies Expense 2,800 Telephone Expense 519 3,400 Utilities Expense 523 4,700