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:

Prepare the closing entries.
Post the transactions in to the appropriate ledger accounts. Hint: Be sure to enter beginning balances.
Journal entry worksheet
Record the closing entry for revenue.
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

Expert Solution

Colby Messinger answered 3 years ago

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