The following list includes selected permanent accounts and all of the temporary accounts from the December 31, 2015, unadjusted trial balance of Emiko Co., a business owned by Kumi Emiko. Emiko Co. uses a perpetual inventory system. Debit CreditMerchandise inventory $30,000 Prepaid selling expense 5,600 K. Emiko, Withdrawals 33,000 Sales $529,000Sales 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: Accrued sales salaries amount to $1,700. Prepaid selling expenses of $3,000 have expired. A physical count of year-end merchandise inventory shows $28,450 of goods still available.(a) Use the above account balances along with the additional information, prepare the adjusting entries. Entry #1: Accrued sales salaries amount to $1,700. Entry #2: Prepaid selling expenses of $3,000 have expired. Entry #3: A physical count of year-end merchandise inventory shows $28,450 of goods still available. b) Use the above account balances along with the additional information, prepare the closing entries. Entry #1: Record closing of credit balances in temporary accounts. Entry #2:Record closing of debit balances in temporary accounts. Entry #3:Record closing of income summary account. Entry #4: Record closing of withdrawals account.