K De Luca Produce Company's adjusted trial balance at December 31, 2020, is as follows (Click the icon to view the adjusted trial balance.) Required 1. Journalize the closing entries of De Luca Produce Company assuming that the perpetual inventory system is used 2. Determine the December 31, 2020, balance in the Capital account. Requirement 1. Journalize the closing entries of De Luca Produce Company assuming that the perpetual inventory system is used. (Record debits first, then credits. Explanations are not required.) Start with closing the revenue account. D Adjusted Trial Balance De Luca Produce Company Adjusted Trial Balance December 31, 2020 R 1. 2 Cash Accounts receivable Account Debit Credit 30,000 113,000 Inventory 118,700 Store supplies R Prepaid insurance S Store fixtures 35,000 1,000 330,000 Accumulated amortization-store fixtures $ 195,000 Print Done X(s) possible Resum point(s) possible Subm stem is used. (Record debits cct 1000 - Section 2 (1) am on list on 4 on 5 n6 7 K Adjusted Trial Balance Robindeep singh -X(s) possible point(s) possible Accumulated amortization-store fixtures $ 195,000 D Accounts payable 69,900 Salaries payable 6,300 R Interest payable 2,600 Note payable, long-term 55,000 Flora De Luca, capital 194,300 Flora De Luca, withdrawals 58,000 Sales revenue 1,330,000 20 R stem is used. (F Cr Cost of goods sold 742,300 Salaries expense 246,300 S Rent expense Htilitine nvnanen 54,000 79.000 Exam Adjusted Trial Balance D tion list wwwww Sales revenue Cost of goods sold Salaries expense 1,330,000 742,300 246,300 R Rent expense 54,000 1. 2 Utilities expense 38,000 stion 4 Amortization expense-store fixtures 33,000 Insurance expense 36,400 Store supplies expense 3,000 ation 5 R Interest expense 6,300 Cr S tion 6 Miscellaneous expense 8,100 $ 1,853,100 $ 1,853,100 Total tion 7 Print Done -X (s) possible point(s) possibl stem is used. Requirement 1. Journalize the closing entries of De Luca Produce Company assuming that the perpetual inventory system is used. (Record debits first, then credits. Explanations are not required.) Start with closing the revenue account. Date Dec. 31 Sales Revenue Income Summary Journal Entry Accounts Debit Credit Start with closing the revenue account. Dec. Date Journal Entry Accounts Debit Credit 31 Sales Revenue Income Summary Close out the expense accounts. Dec. Journal Entry Accounts Debit Credit Date 31 Income Summary Cost of Goods Sold Salaries Expense Rent Expense Salaries Expense Rent Expense Store Supplies Expense Utilities Expense Amortization Expense-Store Fixtures Insurance Expense Miscellaneous Expense Close out the income summary account. Journal Entry Date Accounts Debit Credit Dec. 31 Close out the withdrawals account. Dec. Date 31 Journal Entry Accounts Debit Credit Requirement 2. Determine the December 31, 2020, balance in the Capital account. After the adjusting and closing entries have been posted, the December 31, 2020, balance of F. De Luca, Capital account is