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 $ 37,500 7,100 48,000 $589,000 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 20,500 6,500 242,000 63,000 22,500 43,500 120,000 Additional Information Accrued and unpaid sales salaries amount to $1,300. Prepaid selling expenses of $2,400 have expired. A physical count of year-end merchandise inventory is taken to determine shrinkage and shows $33,200 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. Required 1 Required 2 Use the above account balances along with the additional information, prepare the adjusting entries. View transaction list Journal entry worksheet Record closing of credit balances in temporary accounts. Note: Enter debits before credits. Date General Journal Debit Credit Dec 31 Record entry Clear entry View general journal