Business, 16.03.2020 19:09 lulu8167

Exercise 6.6 Closing entries. LO 6-1 The ledger accounts of AXX Internet Company appear as follows on March 31, 2019: ACCOUNT NO. ACCOUNT BALANCE 101 Cash $ 71,000 111 Accounts Receivable 57,920 121 Supplies 9,700 131 Prepaid Insurance 24,100 141 Equipment 109,000 142 Accumulated Depreciation—Equipment 40,420 202 Accounts Payable 12,100 301 Aretha Hinkle, Capital 121,000 302 Aretha Hinkle, Drawing 12,100 401 Fees Income 349,260 510 Depreciation Expense—Equipment 20,260 511 Insurance Expense 10,500 514 Rent Expense 32,100 517 Salaries Expense 157,000 518 Supplies Expense 4,700 519 Telephone Expense 5,900 523 Utilities Expense 8,500 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.

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Exercise 6.6 Closing entries. LO 6-1 The ledger accounts of AXX Internet Company appear as follows o...

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