Consumer Research Associates, owned by Gloria Johnson, is retained by large companies to test consumer reaction to new products. On January 31, 20X1, the firm's worksheet showed the following adjustments data: (a) supplies used, $2,300; (b) expired rent, $12,600; and (c) depreciation on office equipment, $4,540. 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 $26 Travel expense 529 Utilities expense DRAWING ACCOUNT 302 Gloria Johnson, Drawing $96,000 Cr. 4,540 Dr. 12,600 Dr. 49,100 Dr. 2,300 Dr. 1,310 Dr.. 10,350 Dr. 1,210 Dr. 10,600 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).

Consumer Research Associates, owned by Gloria Johnson, is retained by large companies to test consumer reaction to new products. On January 31, 20X1, the firm's worksheet showed the following adjustments data: (a) supplies used, $2,300; (b) expired rent, $12,600; and (c) depreciation on office equipment, $4,540. 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 $26 Travel expense 529 Utilities expense DRAWING ACCOUNT 302 Gloria Johnson, Drawing $96,000 Cr. 4,540 Dr. 12,600 Dr. 49,100 Dr. 2,300 Dr. 1,310 Dr.. 10,350 Dr. 1,210 Dr. 10,600 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).

College Accounting (Book Only): A Career Approach

13th Edition

ISBN:9781337280570

Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

Chapter12: Financial Statements, Closing Entries, And Reversing Entries

Section: Chapter Questions

Problem 4PA: The following accounts appear in the ledger of Celso and Company as of June 30, the end of this...

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