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The ledger accounts of AXX Internet Company appear as follows on March 31, 20X1: ACCOUNT NO. ACCOUNT 101 Cash 111 Accounts receivable 121 Supplies 131 Prepaid insurance 141 Equipment 142 Accumulated depreciation-Equipment 202 Accounts payable 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 BALANCE $ 60,000 35,360 8,600 23,000 98,000 39,320 11,000 110,000 11,000 297,000 19,160 9,400 31,000 146,000 3,600 4,800 7,400 All accounts have normal balances. Required: 1. Prepare the closing entries. 2 Post the transactions into the appropriate ledaer accounts Hint Re sure to enter herinning balances Post the transactions into the appropriate ledger accounts. Hint: Be sure to enter beginning balances. Account No. 301 Credit Balance Account No. 302 Credit Balance Aretha Hinkle, Capital Date Debit Mar 31, 20X1 Mar 31, 20X1 Mar 31, 20X1 Aretha Hinkle, Drawing Date Debit Mar 31, 20X1 Mar 31, 20X1 Account No. 399 Balance Account No. 401 Credit Balance Credit Income Summary Date Debit Mar 31, 20X1 Mar 31, 20X1 Mar 31, 20X1 Fees Income Date Debit Mar 31, 20X1 Mar 31, 20X1 Account No. 510 Credit Account No. 511 Credit Balance Balance Depreciation Expense-Equipment Date Debit Mar 31, 20X1 Mar 31, 20X1 Insurance Expense Date Debit Mar 31, 20X1 Mar 31, 20X1 Rent Expense Date Debit Account No. 514 Credit Balance Salaries Expense Date Debit Account No. 517 Credit Balance Account No. 514 Credit Balance Account No. 517 Credit Balance Debit Rent Expense Date Mar 31, 20X1 Mar 31, 20X1 Salaries Expense Date Debit Mar 31, 20X1 Mar 31, 20X1 Account No. 518 Credit Balance Account No. 519 Credit Balance Supplies Expense Date Debit Mar 31, 20X1 Mar 31, 20X1 Telephone Expense Date Debit Mar 31, 20X1 Mar 31, 20X1 9,400 (9,400) Account No. 523 Credit Balance Utilities Expense Date Debit Mar 31, 20X1 Mar 31, 20X1

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