ec 31 ec 31 Sales salaries expense til ities expense Selling expenses dministrative expenses ome summary . Emiko, C ital Emiko, Capital . Emiko, Withdrawals ,724 16,589 782 114,566 24 4 ,200 ,200 Explanation: Adjusting entry Inventory shrinkage ($28,800 - S28,253) $547. Closing entries: cost of goods sold (S255,053 + S547) S255,600. Sales salaries expense ($57,024 + Sl,700) S58,724. Selling Expenses = ($44582 + S2,200)