Problem 6.1A (Algo) Adjusting and closing entries. LO 6-1 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, $2,320; (b) expired rent, $12,800; and (c) depreciation on office equipment, $4,560. 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 $98,000 Cr. 4,560 Dr. 12,800 Dr. 49,300 Dr. 2,320 Dr. 1,330 Dr. 10,370 Dr. 1,230 Dr. DRAWING ACCOUNT 302 Gloria Johnson, Drawing 10,800 Dr. Required: 1. Record the adjusting entries in the general journal (transactions 1-3). :. Record the closing entries in the general journal (transactions 4-7). View transaction list Journal entry worksheet Record the adjusting entry for supplies. Note: Enter debits before credits. Date General Journal Debit Credit Jan 31, 20X1 Check my work Problem 6.1A (Algo) Adjusting and closing entries. LO 6-1 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, $2,320; (b) expired rent, $12,800; and (c) depreciation on office equipment, $4,560. 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 $98,000 Cr. 4,560 Dr. 12,800 Dr. 49, 300 Dr. 2,320 Dr. 1,330 Dr. 10,370 Dr. 1,230 Dr. DRAWING ACCOUNT 302 Gloria Johnson, Drawing 10,800 Dr. Required: 1. Record the adjusting entries in the general journal (transactions 1-3). :. Record the closing entries in the general journal (transactions 4-7). View transaction list Journal entry worksheet Record the adjusting entry for rent. Note: Enter debits before credits. Date General Journal Debit Credit Jan 31, 20X1 Record entry Clear entry View nenaroliurnal Problem 6.1A (Algo) Adjusting and closing entries. LO 6-1 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, $2,320; (b) expired rent, $12,800; and (c) depreciation on office equipment, $4,560. 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 $98,000 Cr. 4,560 Dr. 12,800 Dr. 49,300 Dr. 2,320 Dr. 1,330 Dr. 10, 370 Dr. 1,230 Dr. DRAWING ACCOUNT 302 Gloria Johnson, Drawing 10,800 Dr. Required: 1. Record the adjusting entries in the general journal (transactions 1-3). !. Record the closing entries in the general journal (transactions 4-7). View transaction list Journal entry worksheet Record the adjusting entry for depreciation. Note: Enter debits before credits. Date General Journal Debit Credit Jan 31, 20X1 Check my work Problem 6.1A (Algo) Adjusting and closing entries. LO 6-1 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, $2,320; (b) expired rent, $12,800; and (c) depreciation on office equipment, $4,560. 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 $98,000 Cr. 4,560 Dr. 12,800 Dr. 49,300 Dr. 2,320 Dr. 1,330 Dr. 10, 370 Dr. 1,230 Dr. DRAWING ACCOUNT 302 Gloria Johnson, Drawing 10,800 Dr. Required: 1. Record the adjusting entries in the general journal (transactions 1-3). :. Record the closing entries in the general journal (transactions 4-7). View transaction list Journal entry worksheet Record the closing entry for revenue Note: Enter debits before credits Date General Journal Debit Credit Jan 31, 20X1 Record entry Clear entry View general journal Record the closing entry for expense. Note: Enter debits before credits. Date General Journal Debit Credit Jan 31, 20X1 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, $2,320; (b) expired rent, $12,800; and (c) depreciation on office equipment, $4,560. 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 $98,000 Cr. 4,560 Dr. 12,800 Dr. 49,300 Dr. 2,320 Dr. 1,330 Dr. 10,370 Dr. 1,230 Dr. DRAWING ACCOUNT 302 Gloria Johnson, Drawing 10,800 Dr. Required: 1. Record the adjusting entries in the general journal (transactions 1-3). !. Record the closing entries in the general journal (transactions 4-7). View transaction list Journal entry worksheet Record the closing entry for the balance of income summary Note: Enter debits before credits. Date General Journal Debit Credit Jan 31, 20X1 Record entry Clear entry View general journal 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, $2,320; (b) expired rent, $12,800; and (c) depreciation on office equipment, $4,560. 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 $98,000 Cr. 4,560 Dr. 12,800 Dr. 49,300 Dr. 2,320 Dr. 1,330 Dr. 10,370 Dr. 1,230 Dr. DRAWING ACCOUNT 302 Gloria Johnson, Drawing 10,800 Dr. Required: 1. Record the adjusting entries in the general journal (transactions 1-3). !. Record the closing entries in the general journal (transactions 4-7). View transaction list Journal entry worksheet Record the closing entry for the drawing account. Note: Enter debits before credits. Date General Journal Debit Credit Jan 31, 20X1 Record entry Clear entry View general journal