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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GISMONDI PRODUCE COMPANY Trial Balance December 31, 2017 Cash Accounts receivable Inventory Store supplies Prepaid insurance Store fixtures Accumulated amortization-store fixtures Accounts payable $22,150 109,600 108,300 28,800 18,000 270,000 $ 162,000 69,900 payable Interest payable Notes payable, long-term F. Gismondi, capital 47,000 119,000 F Gismondi, withdrawals 52,000 1,290,500 Sales revenue 737,900 238,600 52,000 36,200 Salaries expense Rent expense Utilities expense Amortization ex Insurance expense Store supplies expense Interest expense Miscellaneous expense Total pense-store fixtures 6,000 2,350 6,500 $1,688,400