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Campus: Home ? C ? Secure I https:/ x ? practice. Connect Practic × V onnect Week 5 Practice Seved Help Save & Exlt Submit eCampus: Home x ??practice: Connect practic × y onnect Week 5 Practice Saved Help Save & Exit Submit Consumer Research Associates, owned by Gloria Johnson, is retained by large companies to test consumer reaction to new products On January 31, 2019, the firm\'s worksheet showed the following adjustments data: (a) supplies used, $4,680; (b) expired rent, $26,000; and (c) depreciation on office equipment, $9,160. 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 200,200 Cr 9,158 Dr 26,800 Dr 99,e00 Dr 4,688 Dr 2,730 Dr 2,780 Dr 2,500 Dr olnms 511 Depr. Expense-Office Equipnent 514 Rent Expense 517 Solaries Expense 52 Supplies Expense 523 Telephane Expense 526 Travel Expense 529 Utilities Expense eBook DRAHTNG ACCOUNT 3e2 Glorie Johnson, Drawing 22,0 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) View transachon list Journal entry worksheet Record the adjusting entry for supplies.

Solution

Adjusting Entries Date General Journal Debit Credit 1 Supplies Expense $4,680 Supplies $4,680 2 Rent Expense $26,000 Prepaid Rent $26,000 3 Depreciation Expense - Office Equipment $9,160 Accumulated depreciation - Office Equipment $9,160 Closing Entries Date General Journal Debit Credit 4 Fees Income $200,000 Income Summary $200,000 5 Income Summary $164,820 Depreciation Expense - Office Equipment $9,160 Rent Expense $26,000 Salaries Expense $99,000 Supplies Expense $4,680 Telephone Expense $2,700 Travel Expense $20,780 Utilities Expense $2,500 6 Income Summary $35,180 Gloria Johnson, Capital $35,180 7 Gloria Johnson, Capital $22,000 Gloria Johnson, Drawings $22,000