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

  
 

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The ledger accounts of AXX Internet Company appear as follows on March 31, 2019: ACCOUNT NO. 101 Cash 111 Accounts Receivable 121 Supplies 131 Prepaid Insurance. 141 Equipment Accumulated 142 Depreciation Equipment ACCOUNT Accounts Payable Aretha Hinkle, Capital Aretha Hinkle, Drawing Fees Income Depreciation Expense-Equipment 202 301 302 401 510 511 Insurance Expense 514 Rent Expense 517 Salaries Expense 518 Supplies Expense 519 Telephone Expense 523 Utilities Expense All accounts have normal balances. BALANCE $ 40,000 29,910 5,300 12,500 59,000 20,660 7,000 65,000 6,500 187,230 10,580 5,700 16,500 83,000 2,800 3,400 4,700 Required: 1. Prepare the closing entries. 2. Post the transactions in to the appropriate ledger accounts. Hint: Be sure to enter beginning bala Required: 1. Prepare the closing entries. 2. Post the transactions in to the appropriate ledger accounts. Hint: Be sure to enter beginning balances. Complete this question by entering your answers in the tabs below. General Journal Ledgers Prepare the closing entries. View transaction list 1 Record the closing entry for revenue. 2 Record the closing entry for expenses. 3 Record the closing entry for the balance of income summary. 4 Record the closing entry for the drawing account. Note: = journal entry has been entered X Credit General Journal Post the transactions in to the appropriate ledger accounts. Hint: Be sure to enter beginning balances. Aretha Hinkle, Capital Account No. 301 Aretha Hinkle, Drawing Date Date Debit Mar 31, 2019 Mar 31, 2019 Mar 31, 2019 Date Mar 31, 2019 Mar 31, 2019 Mar 31, 2019 Income Summary Depreciation Date Mar 31, 2019 Mar 31, 2019 Ledgers Date Mar 31, 2019 Mar 31, 2019 Rent Expense Date Mar 31, 2019 Mar 31, 2019 Debit Date Mar 31, 2019 Mar 31, 2019 Expense-Equipment Debit Debit Supplies Expense Utilities Expense Debit Debit Debit Credit Account No. 399 Credit Credit Account No. 510 Balance Credit Balance Account No. 514 Credit Balance Credit Account No. 518 Balance Balance Account No. 523 Balance Mar 31, 2019 Mar 31, 2019 Fees Income Date Mar 31, 2019 Mar 31, 2019 Insurance Expense Debit Date Mar 31, 2019 Mar 31, 2019 Debit Salaries Expense Date Mar 31, 2019 Mar 31, 2019 Date Mar 31, 2019 Mar 31, 2019 Debit Telephone Expense Debit Account No. 302 Credit Account No. 401 Credit Credit Balance Account No. 511 Credit Balance Account No. 517 Credit Balance Balance Account No. 519 Balance The ledger accounts of AXX Internet Company appear as follows on March 31, 2019: ACCOUNT NO. 101 Cash 111 Accounts Receivable 121 Supplies 131 Prepaid Insurance. 141 Equipment Accumulated 142 Depreciation Equipment ACCOUNT Accounts Payable Aretha Hinkle, Capital Aretha Hinkle, Drawing Fees Income Depreciation Expense-Equipment 202 301 302 401 510 511 Insurance Expense 514 Rent Expense 517 Salaries Expense 518 Supplies Expense 519 Telephone Expense 523 Utilities Expense All accounts have normal balances. BALANCE $ 40,000 29,910 5,300 12,500 59,000 20,660 7,000 65,000 6,500 187,230 10,580 5,700 16,500 83,000 2,800 3,400 4,700 Required: 1. Prepare the closing entries. 2. Post the transactions in to the appropriate ledger accounts. Hint: Be sure to enter beginning bala Required: 1. Prepare the closing entries. 2. Post the transactions in to the appropriate ledger accounts. Hint: Be sure to enter beginning balances. Complete this question by entering your answers in the tabs below. General Journal Ledgers Prepare the closing entries. View transaction list 1 Record the closing entry for revenue. 2 Record the closing entry for expenses. 3 Record the closing entry for the balance of income summary. 4 Record the closing entry for the drawing account. Note: = journal entry has been entered X Credit General Journal Post the transactions in to the appropriate ledger accounts. Hint: Be sure to enter beginning balances. Aretha Hinkle, Capital Account No. 301 Aretha Hinkle, Drawing Date Date Debit Mar 31, 2019 Mar 31, 2019 Mar 31, 2019 Date Mar 31, 2019 Mar 31, 2019 Mar 31, 2019 Income Summary Depreciation Date Mar 31, 2019 Mar 31, 2019 Ledgers Date Mar 31, 2019 Mar 31, 2019 Rent Expense Date Mar 31, 2019 Mar 31, 2019 Debit Date Mar 31, 2019 Mar 31, 2019 Expense-Equipment Debit Debit Supplies Expense Utilities Expense Debit Debit Debit Credit Account No. 399 Credit Credit Account No. 510 Balance Credit Balance Account No. 514 Credit Balance Credit Account No. 518 Balance Balance Account No. 523 Balance Mar 31, 2019 Mar 31, 2019 Fees Income Date Mar 31, 2019 Mar 31, 2019 Insurance Expense Debit Date Mar 31, 2019 Mar 31, 2019 Debit Salaries Expense Date Mar 31, 2019 Mar 31, 2019 Date Mar 31, 2019 Mar 31, 2019 Debit Telephone Expense Debit Account No. 302 Credit Account No. 401 Credit Credit Balance Account No. 511 Credit Balance Account No. 517 Credit Balance Balance Account No. 519 Balance

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