Question: Need assistance with the fields in red. Thank you! Exercise 4-10 Preparing adjusting and closing entries for a merchandiser LO P3 The following list includes

 Need assistance with the fields in red. Thank you! Exercise 4-10Preparing adjusting and closing entries for a merchandiser LO P3 The followinglist includes selected permanent accounts and all of the temporary accounts from

Need assistance with the fields in red. Thank you!

Exercise 4-10 Preparing adjusting and closing entries for a merchandiser LO P3 The following list includes selected permanent accounts and all of the temporary accounts from the December 31, 2017, unadjusted trial balance of Emiko Co. Emiko Co. uses a perpetual inventory system Debit Credit $ 33,500 Merchandise inventory Prepaid selling expenses Dividends Sales Sales returns and allowances Sales discounts Cost of goods sold Sales salaries expense 55,000 Utilities expense Selling expenses Administrative expenses 112,000 6,300 40,000 $557,000 18,900 5,700 226, 000 18,500 39,500 Additional Information Accrued sales salaries amount to $1,900. Prepaid selling expenses of $3,700 have expired. A physical count of year-end merchandise inventory shows $30,800 of goods still available (a) Use the above account balances along with the additional information, prepare the adjusting entries (b) Use the above account balances along with the additional information, prepare the closing entries Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below Required1; Required 2 Use the above account balances along with the additional information, prepare the adjusting entries

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