Exercise 4-14 (Static) Preparing closing entries for a merchandiser LO P3 The following list includes temporary accounts from the December 31 adjusted trial balance of Emiko Co. Use these normal account balances to journalize closing entries. Credit Dividends $529,000 Debit $ 33,000 Sales Sales returns and allowances Sales discounts Cost of goods sold Sales salaries expense Utilities expense Selling expenses Administrative expenses 17,500 5,000 213,300 49, 700 15,000 39,000 105,000 Record closing of credit balances in temporary accounts. Note: Enter debits before credits. Date General Journal Debit Credit Dec 31 Journal entry worksheet