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
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter22: Accounting For Changes And Errors.
Section: Chapter Questions
Problem 8RE: At the end of 2019, Framber Company received 8,000 as a prepayment for renting a building to a...
Related questions
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 | Accumulated |
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.
|
|
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 2 steps with 1 images
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:
9781337788281
Author:
James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:
Cengage Learning
Cornerstones of Financial Accounting
Accounting
ISBN:
9781337690881
Author:
Jay Rich, Jeff Jones
Publisher:
Cengage Learning
Financial Accounting
Accounting
ISBN:
9781337272124
Author:
Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:
Cengage Learning
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:
9781337788281
Author:
James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:
Cengage Learning
Cornerstones of Financial Accounting
Accounting
ISBN:
9781337690881
Author:
Jay Rich, Jeff Jones
Publisher:
Cengage Learning
Financial Accounting
Accounting
ISBN:
9781337272124
Author:
Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:
Cengage Learning
Principles of Accounting Volume 1
Accounting
ISBN:
9781947172685
Author:
OpenStax
Publisher:
OpenStax College
Century 21 Accounting Multicolumn Journal
Accounting
ISBN:
9781337679503
Author:
Gilbertson
Publisher:
Cengage