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2 6.5/7 points awarded The following list includes temporary accounts from the December 31 adjusted trial balance of Emiko Company. Use these normal account

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2 6.5/7 points awarded 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. Dividends Sales Sales returns and allowances Sales discounts Debit $ 48,000 20,500 Credit $ 589,000 00:18:40 Scored Cost of goods sold Sales salaries expense Utilities expense Selling expenses Administrative expenses No Date 1 December 31 Sales Income summary 2 December 31 Income summary 6,500 242,000 63,000 22,500 43,500 120,000 General Journal Debit Credit 589,000 589,000 Sales returns and allowances Sales discounts Cost of goods sold Sales salaries expense Utilities expenses Selling expenses Administrative expenses 3 December 31 Income summary Retained earnings 518,000 20,500 6,500 242,000 63,000 22,500 43,500 120,000 4 December 31 Retained earnings 48,000 Dividends 48,000

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