The following list includes selected permanent accounts and all of the temporary accounts from the December 31, 2008, unadjusted trial balance of Emiko Co., a business owned by Kumi Emiko. Use these account balances along with the additional information to journalize

(a) adjusting entries and

(b) closing entries. Emiko Co. uses a perpetual inventory system.

Debit Credit Merchandise inventory . . . . . . . . . . . . $ 30,000 Prepaid selling expenses . . . . . . . . . . . 5,600 Dividends . . . . . . . . . . . . . . . . . . . . . 33,000 Sales . . . . . . . . . . . . . . . . . . . . . . . . . $529,000 Sales returns and allowances . . . . . . . 17,500 Sales discounts . . . . . . . . . . . . . . . . . 5,000 Cost of goods sold . . . . . . . . . . . . . . 212,000 Sales salaries expense . . . . . . . . . . . . 48,000 Utilities expense . . . . . . . . . . . . . . . . 15,000 Selling expenses . . . . . . . . . . . . . . . . . 36,000 Administrative expenses . . . . . . . . . . . 105,000.

Additional Information Accrued sales salaries amount to $1,700. Prepaid selling expenses of $3,000 have expired. A physical count of year-end merchandise inventory shows $28,450 of goods still available.