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, 2018, unadjusted trial balance of Emiko C.. Emiko Co. uses a perpetual inventory system. Debit Credit Merchandise inventory Prepaid selling expenses Dividends 30,000 5,600 33,000 Sales $529,000 Sales returns and allowances 17,500 5,000 212,000 48,000 15,000 36,000 105,000 Sales discounts Cost of goods sold Sales salaries expense Utilities expense Selling expenses Administrative expenses 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. (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. Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Use the above account balances along with the additional information, prepare the adjusting entries. General Journal No Date Debit Credit Sales salaries expense 1 Dec 31 1,700 Salaries payable 1,700 Selling expenses 3,000 2 Dec 31 Prepaid selling expenses 3,000 Cost of goods sold 1,550x Dec 31 3 Merchandise inventory 1,550