Reference no: EM132479961

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

ACCOUNT

NO. ACCOUNT BALANCE

101 Cash $79,000

111 Accounts Receivable 58,720

121 Supplies 10,500

131 Prepaid Insurance 24,900

141 Equipment 117,000

142 Accumulated Depreciation-Equipment 41,220

202 Accounts Payable 12,900

301 Aretha Hinkle, Capital 129,000

302 Aretha Hinkle, Drawing 12,900

401 Fees Income 371,660

510 Depreciation Expense-Equipment 21,060

511 Insurance Expense 11,300

514 Rent Expense 32,900

517 Salaries Expense 165,000

518 Supplies Expense 5,500

519 Telephone Expense 6,700

523 Utilities Expense 9,300

1. All accounts have normal balances.

Required:

Question 1: How do you enter these transactions in the closing entries.

Question 2: How do you enter these transactions in to the appropriate ledger accounts. Hint: Be sure to enter beginning balances.