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	$	35,000
Prepaid selling expenses		6,600
K. Emiko, Withdrawals		43,000
Sales				$	569,000
Sales returns and allowances		19,500
Sales discounts		6,000
Cost of goods sold		232,000
Sales salaries expense		58,000
Utilities expense		20,000
Selling expenses		41,000
Administrative expenses		115,000

Additional Information Accrued and unpaid sales salaries amount to $2,200. Prepaid selling expenses of $4,000 have expired. A physical count of year-end merchandise inventory is taken to determine shrinkage and shows $31,700 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.

Journal entry worksheet