Consumer Research Associates, owned by Gloria Johnson, is retained by large companies to test consumer reaction to new products. On January 31, 20X1, the firms worksheet showed the following adjustments data: (a) supplies used, $2,340 (b) expired rent, $13,000 and (c) depreciation on office equipment, $4,580. 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:

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, $2,340; (b) expired rent, $13,000; and (c) depreciation on office equipment, $4,580. 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 $100,000 Cr. 4,580 Dr. 13,000 Dr. 49,500 Dr. 2,340 Dr. 1,350 Dr. 10,390 Dr. 1,250 Dr. DRAWING ACCOUNT 302 Gloria Johnson, Drawing 11,000 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). No Date General Journal Debit Credit 1 Jan 31, 20X1 2,340 Supplies expense Supplies 2,340 2 Jan 31, 20X1 13,000 Rent expense Prepaid rent 13,000 3 Jan 31, 20X1 4,580 Depreciation expense-Office equipment Accumulated depreciationOffice equipment 4,580 4 Jan 31, 20X1 Fees income 100,000 Income summary 100,000 5 Jan 31, 20X1 Income summary Depreciation expense-Office equipment Rent expense Salaries expense Supplies expense Telephone expense Travel expense Utilities expense 6 Jan 31, 20X1 Income summary Gloria Johnson, Capital 7 Jan 31, 20X1 Gloria Johnson, Capital Gloria Johnson, Drawing