Gismondi Produce Company’s adjusted trial balance at December 31, 2023, is as follows.

Required

1. Journalize the closing entries of Gismondi Produce Company assuming that the perpetual inventory system is used. Explanations are not required.

2. Determine the December 31, 2023, balance in the Capital account.

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Account Title Cash Accounts receivable Inventory Store supplies Prepaid insurance Store fixtures GISMONDI PRODUCE COMPANY Adjusted Trial Balance December 31, 2023 Accumulated amortization-store fixtures Accounts payable Salaries payable Interest payable Notes payable, long-term F. Gismondi, capital F. Gismondi, withdrawals Sales revenue Cost of goods sold Salaries expense Rent expense Utilities expense Amortization expense-store fixtures Insurance expense Store supplies expense Interest expense Miscellaneous expense Total Debit $ 22,150 109,600 116,500 23,800 2,400 270,000 52,000 Credit $ 189,000 69,900 5,500 1,600 47,000 119,000 1,290,500 729,700 244,100 52,000 36,200 27,000 21,600 5,000 3,950 6,500 $1,722,500 $1,722,500