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Credit Debit $ 37,000 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 Book 20,300 6,400 240,000 62,800 22,800 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. Fences Complete this question by entering your answers in the tabs below. Required a Required B Use the above account balances along with the additional information, prepare the closing entries