Consumer Research, owned by Chandler Robertson, 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, $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:

Table Summary: 

Under revenue and expense accounts and under drawing account, nine rows of entries are shown in three columns. Account numbers, account names, and amounts are shown in the three columns.

INSTRUCTIONS

1. Record the adjusting entries in the general journal, page 3.

2. Record the closing entries in the general journal, page 4.

Analyze: What closing entry is required to close a drawing account?

Transcribed Image Text:

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 DRAWING ACCOUNT 302 Chandler Robertson, Drawing $219,600 Cr. 9,160 Dr. 26,000 Dr. 99,000 Dr. 4,680 Dr. 2,700 Dr. 20,780 Dr. 2,500 Dr. 22,000 Dr.