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. Debit Credit Merchandise inventory Prepaid selling expenses Dividends Sales $ 31,000 5,800 35,000 $537,000 Sales returns and allowances 17,900 5,200 216,000 50,000 16,000 37,000 107,000 Sales discounts Cost of goods sold Sales salaries expense Utilities expense Selling expenses Administrative expenses Additional Information Accrued and unpaid sales salaries amount to $1,400. Prepaid selling expenses of $3,200 have expired. A physical count of year-end merchandise inventory is taken to determine shrinkage and shows $29,300 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. O Focus