Reference no: EM132500902
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
401 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:
Question 1: Prepare the closing entries.
Question 2: Post the transactions in to the appropriate ledger accounts. Hint: Be sure to enter beginning balances.
general journal
a Record the closing entry for revenue.
b Record the closing entry for expenses.
c Record the closing entry for the balance of income summary.
d Record the closing entry for the drawing account ledger