The ledger accounts of AXX Internet Company appear as follows on March 31, 2019: ACCOUNT NO. ACCOUNT BALANCE 101 Cash $60,000 111 Accounts Receivable 35,360 121 Supplies 8,600 131 Prepaid Insurance 23,000 141 Equipment 98,000 142 Accumulated Depreciation—Equipment 39,320 202 Accounts Payable 11,000 301 Aretha Hinkle, Capital 110,000 302 Aretha Hinkle, Drawing 11,000 401 Fees Income 297,000 510 Depreciation Expense—Equipment 19,160 511 Insurance Expense 9,400 514 Rent Expense 31,000 517 Salaries Expense 146,000 518 Supplies Expense 3,600 519 Telephone Expense 4,800 523 Utilities Expense 7,400 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
The ledger accounts of AXX Internet Company appear as follows on March 31, 2019: ACCOUNT NO. ACCOUNT BALANCE 101 Cash $60,000 111 Accounts Receivable 35,360 121 Supplies 8,600 131 Prepaid Insurance 23,000 141 Equipment 98,000 142 Accumulated Depreciation—Equipment 39,320 202 Accounts Payable 11,000 301 Aretha Hinkle, Capital 110,000 302 Aretha Hinkle, Drawing 11,000 401 Fees Income 297,000 510 Depreciation Expense—Equipment 19,160 511 Insurance Expense 9,400 514 Rent Expense 31,000 517 Salaries Expense 146,000 518 Supplies Expense 3,600 519 Telephone Expense 4,800 523 Utilities Expense 7,400 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
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
The ledger accounts of AXX Internet Company appear as follows on March 31, 2019:
| ACCOUNT NO. | ACCOUNT | BALANCE | |
| 101 | Cash | $60,000 | |
| 111 | 35,360 | ||
| 121 | Supplies | 8,600 | |
| 131 | Prepaid Insurance | 23,000 | |
| 141 | Equipment | 98,000 | |
| 142 | 39,320 | ||
| 202 | Accounts Payable | 11,000 | |
| 301 | Aretha Hinkle, Capital | 110,000 | |
| 302 | Aretha Hinkle, Drawing | 11,000 | |
| 401 | Fees Income | 297,000 | |
| 510 | Depreciation Expense—Equipment | 19,160 | |
| 511 | Insurance Expense | 9,400 | |
| 514 | Rent Expense | 31,000 | |
| 517 | Salaries Expense | 146,000 | |
| 518 | Supplies Expense | 3,600 | |
| 519 | Telephone Expense | 4,800 | |
| 523 | Utilities Expense | 7,400 | |
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.
- Record the closing entry for revenue.
Note: Enter debits before credits.
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