The following list includes selected permanent accounts and all of the temporary accounts from the December 31, 2017, unadjusted trial balance of Emiko Co.. Emiko Co. uses a perpetual inventory system.

		Debit			Credit
Merchandise inventory	$	30,000
Prepaid selling expenses		5,600
Dividends		33,000
Sales				$	529,000
Sales returns and allowances		17,500
Sales discounts		5,000
Cost of goods sold		212,000
Sales salaries expense		48,000
Utilities expense		15,000
Selling expenses		36,000
Administrative expenses		105,000

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.