The following list includes selected permanent accounts and all of the temporary accounts from the December 31, 2018, unadjusted trial balance of Emiko Co. 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.

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 $28,700 of goods still available.

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