Required: 1. Prepare the closing entries. 2. Post the transactions into the appropriate ledger accounts. Hint:...

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Required: 1. Prepare the closing entries. 2. Post the transactions into the appropriate ledger accounts. Hint: Be sure to enter beginning balances. ACCOUNT NO. 101 Cash 111 Accounts receivable 121 Supplies 131 Prepaid insurance. 141 Equipment 142 Accumulated depreciation-Equipment 202 Accounts payable ACCOUNT 301 Aretha Hinkle, Capital 302 Aretha Hinkle, Drawing 401 Fees income, 510 Depreciation expense-Equipment 511 Insurance expense 514 Rent expense 517 Salaries expense 518 Supplies expense 519 Telephone expense 523 Utilities expense All accounts have normal balances. BALANCE $ 73,000 58,120 9,900 24,300 111,000 40,620 12,300 123,000 12,300 354,860 20,460 10,700 32,300 159,000 4,900 6,100 8,700 Required: 1. Prepare the closing entries. 2. Post the transactions into the appropriate ledger accounts. Hint: Be sure to enter beginning balances. ACCOUNT NO. 101 Cash 111 Accounts receivable 121 Supplies 131 Prepaid insurance. 141 Equipment 142 Accumulated depreciation-Equipment 202 Accounts payable ACCOUNT 301 Aretha Hinkle, Capital 302 Aretha Hinkle, Drawing 401 Fees income, 510 Depreciation expense-Equipment 511 Insurance expense 514 Rent expense 517 Salaries expense 518 Supplies expense 519 Telephone expense 523 Utilities expense All accounts have normal balances. BALANCE $ 73,000 58,120 9,900 24,300 111,000 40,620 12,300 123,000 12,300 354,860 20,460 10,700 32,300 159,000 4,900 6,100 8,700

Answer rating: 100% (QA)

Closing Entries Close Fees Income Debit Fees Income 354860 Credit Aretha Hinkle Capital 354860 Accou... View the full answer