Among the business transactions and events of Oscar, Paul & Quinn LLP, whose partners shared net income and losses equally, for the month of January 2005, were the following:

Jan. 2 With the consent of Paul and Quinn, Oscar made a $10,000 cash advance to the partnership on a 12% demand promissory note.

6 With the consent of Oscar and Paul, Quinn withdrew from the partnership merchandise with a cost of $4,000 and a fair value of $5,200, in lieu of a regular cash drawing. The partnership uses the perpetual inventory system.

13 The partners agreed that a patent with a carrying amount of $6,000, which had been invested by Paul when the partnership was organized, was worthless and should be written off.

27 Paul paid a $2,000 trade account payable of the partnership.

Instructions Prepare journal entries for the foregoing transactions and events of Oscar, Paul & Quinn LLP and the January 31, 2005, adjusting entry for the note payable to Oscar.