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. Emiko, Withdrawals	$ 51,000
Sales		$ 601,000
Sales returns and allowances	21,100
Sales discounts	6,800
Cost of goods sold	248,000
Sales salaries expense	66,000
Utilities expense	24,000
Selling expenses	45,000
Administrative expenses	123,000