Saved Help Save & Exit Submit Consumer Research Associates, owned by Gloria John

Question

Saved Help Save & Exit Submit Consumer Research Associates, owned by Gloria Johnson, is retained by On January 31, 2019, the firm's worksheet showed the following adjustments data: (a) supplies u large companies to test consumer reaction to new products. $9,160. The bal expense section of the worksheet and the drawing account listed in the Balance Sheet section of the worksheet are g REVENUE AND EXPENSE ACCOUNTs 401 Fees Income 511 Depr. Expense-ottice Equipment9,160 DE. 514 Rent Expense 517 Salaries Expense 520 Supplies Expense 523 Telephone Expense 526 Travel Expense 529 Utilities Expense $200,000 Cr 26,000 Dr. 99,000 Dr. 4,680 Dr. 2,700 Dr 20,780 Dr. 2,500 Dr. DRAWING ACCOUNT 302 Gloria Johnson, Drawing 22,000 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),

Explanation / Answer

Journal Entries: Adjusting entries: Date Accounts title and explanation Debit $ Credit $ Supplies Expense Dr. 4680     Supplies 4680 Rent expense Dr. 26,000      Prepaid rent 26000 Depreciation Expense-Equipment Dr. 9,160        Accumulated Depreciation-Equipment 9160 Closing entries: Date Accounts title and explanation Debit $ Credit $ Fees Income Dr. 200,000     Income Summary 200,000 Income Summary Dr. 164820    Depreciation expense 9160    Rent expense 26000     salaries expense 99000    Supplies expense 4680    Telephone expense 2700     Travel expense 20780     utilities expense 2500 Income Summary Dr. 35180      Retained earnings 35180 Retained earning Dr. 22000      Gloria Johnson Drawings 22000

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