The following list includes selected permanent accounts and all of the temporary accounts from the Exercise 5-11 December 31, 2015, unadjusted trial balance of Emiko Co., a business owned by Kumi Emiko. Use these Preparing adjusting and account balances along with the additional information to journalize (a) adjusting entries and (b) closing closing entries for a entries. Emiko Co. uses a perpetual inventory system. merchandiser P3 Debit Credit Merchandise inventory $ 30,000 Prepaid selling expenses. 5,600 K. Emiko, Withdrawals 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 Check Entry to close Accrued sales salaries amount to $1,700. Prepaid selling expenses of $3,000 have expired. A physical Income Summary: Cr. K. count of year-end merchandise inventory shows $28,450 of goods still available. Emiko, Capital $84.250 Exercise 4-9 The following adjusted trial balance contains the accounts and balances of Cruz Company as of December Preparing closing entries 31, 2015, the end of its fiscal year. (1) Prepare the December 31, 2015. closing entries for Cruz Company. and a post-closing trial Assume the account number for Income Summary is 901. (2) Prepare the December 31, 2015, post- balance closing trial balance for Cruz Company. P2 P3 No. Account Title Debit Credit 101 Cash $19,000 126 Supplies 13,000 128 Prepaid insurance 3,000 167 Equipment. 24,000 168 Accumulated depreciation-Equipment $ 7,500 301 T. Cruz, Capital 47,600 302 T. Cruz, Withdrawals 7,000 404 Services revenue 44,000 612 Depreciation expense --Equipment 3,000 622 Salaries expense 22.000 637 Insurance expense 2,500 640 Rent expense 3.400 Check (2) T. Cruz, Capital 652 Supplies expense 2.200 (ending), 551,500; Total Totals $99,100 $99,100 debits, $59,000