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 $ 38,5ee 7,300 50,000 $597,000 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 20,900 6,700 246,000 65.ee 23,500 44,500 122, eee Additional Information Accrued and unpald sales salaries amount to $1,500. Prepaid selling expenses of $2,600 have expired. A physical count of year-end merchandise inventory is taken to determine shrinkage and shows $33,800 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. 3 N 4 > Record closing of income summary account. Note: Enter debits before credits. General Journal Debit Credit Date Dec 31 Record entry Clear entry View general Journal 1 2 3 4 Record closing of dividends account. Note: Enter debits before credits Date General Journal Debit Credit Dec 31 Record entry Clear entry View general journal