The adjusted trial balance of Jesper's Fine Foods at December 31, 2020, follows (Click the icon to view the adjusted trial balance.) Required 1. Journalize the closing entries, assuming that Jesper's Fine Foods uses the perpetual inventory system 2. Determine the December 31, 2020, Capital balance for Jesper's Fine Foods Requirement 1. Journalize the closing entries, assuming that Jesper's Fine Foods uses the perpetual inventory system. Close the revenue account. (Record debits first, then credits. Exclude explanations from journal entries.) Journal Entry Date Accounts Debit Credit Dec 31 Close out the expense accounts Journal Entry Date Accounts Debit Credit Dec 31 Choose from any list or enter any number in the input fields and then continue to the next question. Close out the income summary account Journal Entry Date Accounts Debit Credit Dec 31 Close out the withdrawals account Journal Entry Date Accounts Debit Credit Dec 31 Choose from any list or enter any number in the input fields and then continue to the next question. E O Close out the withdrawals account Journal Entry Date Accounts Debit Credit Dec 31 Requirement 2. Determine the December 31, 2020, Capital balance for Jesper's Fine Gems After the adjusting and closing entries have been posted, the December 31, 2020, balance of the J.Jesper, Capital account is Choose from any list or enter any number in the input fields and then continue to the next question. Jesper's Fine Foods Adjusted Trial Balance December 31, 2020 Account Title Debit Credit Cash 7,600 Accounts receivable 75,000 Inventory Prepaid rent 360,800 26,500 116,000 Equipment Accumulated amortization-equipment 60,600 47,000 7,600 Accounts payable Salaries payable Interest payable Note payable, long-term J. Jesper, capital 4,200 87,000 363,300 J. Jesper, withdrawals 161,000 Sales revenue 841,000 Accounts payable Salaries payable Interest payable Note payable, long-term J. Jesper, capital 47,000 7,600 4,200 87,000 363,300 J. Jesper, withdrawals 161,000 Sales revenue 841,000 Cost of goods sold 339.200 Salaries expense 143,600 Rent expense 66,000 Advertising expense 25,000 Utilities expense Amortization expense-equipment 30,800 11,600 Insurance expense 25,000 Interest expense 7,600 15,000 Miscellaneous expense Total 1,410,700 1,410,700