Reference no: EM132680340

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

401Fees Income$200,000Cr.

511Depr. Expense-Office Equipment 9,160Dr.

514Rent Expense 26,000Dr.

517Salaries Expense 99,000Dr.

520Supplies Expense 4,680Dr.

523Telephone Expense 2,700Dr.

526Travel Expense 20,780Dr.

529Utilities Expense 2,500Dr.

DRAWING ACCOUNT

302Gloria Johnson, Drawing22,000Dr.

Required:

Problem 1: Record the adjusting entries in the general journal

Problem 2: Record the closing entries in the general journal