Check my wa 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 unadjusted trial balance of Emiko Co., a business owned by Kumi Emiko. Emiko Co. uses a perpetual inventory system. Credit Debit $ 27,000 7,000 47.000 $585,000 Merchandise Inventory Prepaid selling expenses Dividends Sales Sales returns and allowances Sales discounts Cost of goods sold Sales salaries expense Utilities expense Selling expenses Administrative expenses 20,300 6,400 240,000 62,000 22.000 43,000 119,000 Additional Information Accrued and unpaid sales salaries amount to $1,200. Prepaid selling expenses of $2,300 have expired. A physical count of year-end merchandise inventory is taken to determine shrinkage and shows $32,900 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 answ rs In the tabs below. Required A Required B Use the above account balances along with the additional information, prepare the adjusting entries.