Saved Help The following list includes selected permanent accounts and all of the temporary accounts from the December 31 unadjusted trial balance of Emiko Co., a business owned by Kumi Emiko. Emiko Co. uses a perpetual inventory system Debit Credit Merchandise inventory $ 36,500 Prepaid selling expenses 6,900 Dividends 46,000 Sales $581,000 Sales returns and allowances 20,100 Sales discounts 6,300 Cost of goods sold 238,000 Sales salaries expense 61,800 Utilities expense 21,500 Selling expenses 42,500 Administrative expenses 118,800 Additional Information Accrued and unpaid sales salaries amount to $2,500. Prepaid selling expenses of $2,200 have expired. A physical count of year-end merchandise inventory is taken to determine shrinkage and shows $32,600 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. Complete this question by entering your answers in the tabs below. Required A Required B Use the above account balances along with the additional information, prepare the adjusting entries. View transaction list View journal entry worksheet Debit Credit No Date General Journal 2,500 Dec 31 Sales salaries expense nron Seve Required A Required B Use the above account balances along with the additional information, prepare the closing entries. View transaction list Journal entry worksheet 2 3 4 Record closing of debit balances in temporary accounts. Note: Enter debits before credits Debit Credit Date Dec 31 General Journal Income summary Sales retums and allowances Sales discounts Cost of goods sold Sales salaries expense Utilities expense Selling expenses Administrative expenses Record entry Clear entry View general journal :: Next > Use the above account balances along with the additional Information, prepare the closing entries. View transaction list Journal entry worksheet 3 4 Record closing of income summary account. Note: Enter debits before credits Date General Journal Debit Credit Dec 31 Record entry Clear entry View general Journal