Refer to the data in P5–12B.

Data from P5–12B

Tuttle Electronics’ unadjusted trial balance below pertains to December 31, 2023.

Additional data at December 31, 2023:

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.

Required

1. Journalize the adjusting and closing entries of Tuttle Electronics.

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

Transcribed Image Text:

Account Title Cash Accounts receivable Inventory Store supplies Prepaid insurance Store fixtures Accumulated amortization-store fixtures Accounts payable Salaries payable Interest payable Note payable, long-term F. Tuttle, capital F. Tuttle, withdrawals Sales revenue TUTTLE ELECTRONICS Unadjusted Trial Balance December 31, 2023 Purchases Salaries expense Rent expense Utilities expense Amortization expense-store fixtures Insurance expense Store supplies expense Interest expense Miscellaneous expense Total Debit $ 22,150 109,600 108,300 28,800 18,000 270,000 52,000 737,900 238,600 52,000 36,200 0 6,000 0 2,350 6,500 $1,688,400 Credit $ 162,000 69,900 0 0 47,000 119,000 1,290,500 $1,688,400