Refer to the data in Problem 5-12B.
Required
1. Journalize the adjusting and closing entries of Gismondi Produce Company.
2. Determine the December 31, 2017, balance in the Capital account.
In Problem 5-12B
Gismondi Produce Company’s trial balance below pertains to December 31, 2017.
Additional data at December 31, 2017:
a. Insurance expense for the year should total $21,600.
b. Store fixtures have an estimated useful life of 10 years and are expected to have no value when they are retired from service.
c. Accrued salaries at December 31, $5,500.
d. Accrued interest expense at December 31, $1,600.
e. Store supplies on hand at December 31, $23,800.
f. Inventory based on the inventory count on December 31, $116,500.
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