On November 16, the customer returns merchandise from the November 13 transaction. The returned items are priced at $300 and cost $130; the items were not damaged and were returned to inventory. The following list includes selected permanent accounts and all of the temporary accounts from the December 31, 2015, unadjusted trial balance of Emiko Co., a business owned by Kumi Emiko. Use these account balances along with the additional information to journalize adjusting entries and closing entries. Emiko Co. uses a perpetual inventory system. Exercise 4-11 Preparing adjusting and closing entries for a merchandiser Accrued sales salaries amount to $1,700. Prepaid selling expenses of $3,000 have expired. A physical count of year-end merchandise inventory shows $28,450 of goods still available