Exercise 5-15 (Algo) Preparing closing entries for a merchandiser LO P3 The following list includes temporary accounts from the December 31 adjusted trial balance of Emiko Company. Use these normal account balances to journalize closing entries. Debit Credit K. Eniko, withdrawals $ 39,000 Sales $ 553,000 Sales returns and allowances 18,700 Sales discounts 5,600 Cost of goods sold 224,000 Sales salaries expense 54,000 Utilities expense 18,000 Selling expenses 39,800 Administrative expenses 111,000 View transaction list Journal entry worksheet > 1 3 4 Record closing of credit balances in temporary accounts Journal entry worksheet 2 3 4 Record closing of credit balances in temporary accounts. Note: Enter debits before credits. General Journal Debit Credit Date Dec 31 Record entry Clear entry View general Journal