Question

In: Advanced Math

The ledger accounts of AXX Internet Company appear as follows on March 31, 2019: ACCOUNT NO....

The ledger accounts of AXX Internet Company appear as follows on March 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

Solutions

Expert Solution

Colby Messinger answered 1 year ago
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