Refer to the data in Problem 5-4A.
Required
1. Journalize the adjusting and closing entries.
2. Determine the December 31, 2017, Capital balance for Marvin’s Fine Gems.
In Problem 5-4A
The trial balance of Marvin’s Fine Gems at December 31, 2017, and is shown below:
Additional data at December 31, 2017:
a. Rent expense for the year, $48,000.
b. The equipment has an estimated useful life of 10 years and is expected to have no value when it is retired from service.
c. Accrued salaries at December 31, $7,000.
d. Accrued interest expense at December 31, $2,600.
e. Inventory based on the inventory count on December 31, $351,200.
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