Complete Ex. 5-11 by entering the appropriate journal entry. Make sure your entries are in proper form.

The following list includes selected permanent accounts and all of the temporary accounts from the December 31, 2015, unadjusted trial balance of Emiko Co., a business owned by Kumi Emiko. Use these account balances along with the additional information to journalize (a) adjusting entries and (b) closing entries. Emiko Co. uses a perpetual inventory system.

Additional Information Accrued sales salaries amount to $1,700. Prepaid selling expenses of $3,000 have expired. A physical count of year-end merchandise inventory shows $28,450 of goods still available.

Merchandise inventory Prepaid selling expenses. K. Emiko, Withdrawals Sales Sales returns and allowances Sales discounts Cost of goods sold Sales salaries expense Utilities expense Selling expenses Administrative expenses Debit Credit 30,000 5,600 33,000 $529,000 17,500 5,000 212,000 48,000 15.000 36.000 05.000