Solution-Post the transactions in to the appropriate ledger

Post the transactions in to the appropriate ledger accounts

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Reference no: EM132428883

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

ACCOUNT NO.	ACCOUNT	BALANCE
101	Cash	$64,000
111	Accounts Receivable	35,760
121	Supplies	9,000
131	Prepaid Insurance	23,400
141	Equipment	102,000
142	Accumulated Depreciation-Equipment	39,720
202	Accounts Payable	11,400
301	Aretha Hinkle, Capital	114,000
302	Aretha Hinkle, Drawing	11,400
404	Fees Income	308,200
510	Depreciation Expense-Equipment	19,560
511	Insurance Expense	9,800
514	Rent Expense	31,400
517	Salaries Expense	150,000
518	Supplies Expense	4,000
519	Telephone Expense	5,200
523	Utilities Expense	7,800

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.

Reference no: EM132428883

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Post the transactions in to the appropriate ledger accounts

Reference no: EM132428883

Reference no: EM132428883

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