The Pelton Marketing Research Company, owned by Lou Pelton, is employed by large companies to test consumer reaction to new products. On January 31 the firm's worksheet showed the following data: (a) supplies used, $560; (b) expired rent $3,000; and (c) depreciation on office equipment of $1,120. The balances of the revenue and expense accounts listed in the Income Statement 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 $77,000 Cr. 511 Depr. Expense - Office Equipment 1,120 Dr. 514 Rent Expense 3,000 Dr. 517 Salaries Expense 41,200 Dr. 520 Supplies Expense 560 Dr. 523 Telephone Expense 940 Dr. 526 Travel Expense 8,920 Dr. 529 Utilities Expense 460 Dr. DRAWING ACCOUNT 302 Lou Pelton, Drawing 4,800 Dr. INSTRUCTIONS (Use the space below) 1. Record the adjusting entries in the general journal. 2. Record the closing entries in the general journal. Analyze: What closing entry is required to close a drawing account