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 (a) adjusting entries and (b) closing entries. Emiko Co, uses a perpetual inventory system. Exercise 5-11 Preparing adjusting and closing entries for a merchandiser Debit Credit $ 30,000 5,600 33,000 $529.000 Merchandise inventory ............. Prepaid selling expenses... K. Emiko, Withdrawals Sales ... Sales returns and allowances Sales discounts .... Cost of goods sold .... Sales salaries expense. Utilities expense ..... Selling expenses .. Administrative expenses..... 17.500 5.000 212.000 48,000 15.000 36,000 105,000 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 $28,450 of goods still available. Check Entry to close income Summary: Cr. K Emiko, Capital $84,250