Consumer Research Associates, owned by Gloria Johnson, is retained by large comp

Question

Consumer Research Associates, owned by Gloria Johnson, is retained by large companies to test consumer reaction to new products On January 31, 2019, the firm's worksheet showed the following adjustments data: (a) supplies used, $2,220; (b) expired rent, $11,800; and (c) depreciation on office equipment, $4,460. The balances of the revenue and expense accounts listed in the Income Statement section of the worksheet and the drawing account listed in the Balance Sheet section of the worksheet are given below: REVENUE AND EXPENSE ACCOUNTS 401 Fees Income 511 Depr. Expense-office Equipment 514 Rent Expense 517 Salaries Expense 520 Supplies Expense 523 Telephone Expense 526 Travel Expense 529 Utilities Expense $102,000 Cr. 4,460 Dr. 11,800 Dr 48,300 Dr 2,220 Dr 1,230 Dr. 10,270 Dr. 1,130 Dr. DRAWING ACCOUNT 302 Gloria Johnson, Drawing 9,800 Dr. Required: 1. Record the adjusting entries in the general journal (transactions 1-3) 2. Record the closing entries in the general journal (transactions 4-7) View transaction list Journal entry worksheet 2 3 4 6 Record the adjusting entry for supplies Note: Enter debits before credits Date General Journal Debit Credit

Explanation / Answer

Dear Student Thank you for using Chegg Please find below the answer Statementshowing Computations Paticulars Debit Credit Supplies expense DR                   2,220.00 To Supplies             2,220.00 Rent Expense Dr                 11,800.00 To Prepaid rent           11,800.00 Depreciation expense- Offce Equipment Dr                   4,460.00 To Accumulated depreciation             4,460.00 Fees Income Dr               102,000.00 To Income Summary         102,000.00 Income Summary Dr                 79,410.00 To Depreciation Exp -Office equipment             4,460.00 To Rent expense           11,800.00 To Salaries expense           48,300.00 To Supplies expense             2,220.00 To Telephone expense             1,230.00 To Travel Expense           10,270.00 To Utilities expense             1,130.00 Gloria Johnson Capital Dr                   9,800.00 To Gloria Johnson drawings             9,800.00

Related Questions

Navigate

• Browse (All)
• Browse C
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.