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

ACCOUNT NO.	ACCOUNT	BALANCE
101	Cash	$	65,000
111	Accounts Receivable		35,860
121	Supplies		9,100
131	Prepaid Insurance		23,500
141	Equipment		103,000
142	Accumulated Depreciation—Equipment		39,820
202	Accounts Payable		11,500
301	Aretha Hinkle, Capital		115,000
302	Aretha Hinkle, Drawing		11,500
401	Fees Income		311,000
510	Depreciation Expense—Equipment		19,660
511	Insurance Expense		9,900
514	Rent Expense		31,500
517	Salaries Expense		151,000
518	Supplies Expense		4,100
519	Telephone Expense		5,300
523	Utilities Expense		7,900

All accounts have normal balances.

Required:

1. Prepare the closing entries.
2. Post the transactions in to the appropriate ledger accounts.Hint: Be sure to enter beginning balances.

   Journal entry worksheet

3. Record the closing entry for revenue.

4. Note: Enter debits before credits.

   	Date General Journal Debit Credit Mar 31, 2019

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 Account No. 302 Date Debit Credit Balance Date Debit Credit Balance Mar 31, 2019 Mar 31, 2019 Mar 31, 2019 Mar 31, 2019 Income Summary Account No. 399 Fees Income Account No. 401 Date Debit Credit Balance Date Debit Credit Balance Mar 31, 2019 Mar 31, 2019 Mar 31, 2019 Mar 31, 2019 Mar 31, 2019 Depreciation Expense—Equipment Account No. 510 Insurance Expense Account No. 511 Date Debit Credit Balance Date Debit Credit Balance Mar 31, 2019 Mar 31, 2019 Mar 31, 2019 Mar 31, 2019 Rent Expense Account No. 514 Salaries Expense Account No. 517 Date Debit Credit Balance Date Debit Credit Balance Mar 31, 2019 Mar 31, 2019 Mar 31, 2019 Mar 31, 2019 Supplies Expense Account No. 518 Telephone Expense Account No. 519 Date Debit Credit Balance Date Debit Credit Balance Mar 31, 2019 Mar 31, 2019 Mar 31, 2019 Mar 31, 2019 Utilities Expense Account No. 523 Date Debit Credit Balance Mar 31, 2019 Mar 31, 2019