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The following list includes selected permanent accounts and all of the temporary accounts from the...

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Accounting

The following list includes selected permanent accounts and all of the temporary accounts from the December 31, 2017, unadjusted trial balance of Emiko Co.. Emiko Co. uses a perpetual inventory system.

Debit Credit
Merchandise inventory $ 37,500
Prepaid selling expenses 7,100
Dividends 48,000
Sales $ 589,000
Sales returns and allowances 20,500
Sales discounts 6,500
Cost of goods sold 242,000
Sales salaries expense 63,000
Utilities expense 22,500
Selling expenses 43,500
Administrative expenses 120,000

Additional Information Accrued sales salaries amount to $1,300. Prepaid selling expenses of $2,400 have expired. A physical count of year-end merchandise inventory 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.

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