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 $ 36,500 Prepaid selling expenses 6,900 K. Emiko, Withdrawals 46,000 Sales $ 581,000 Sales returns and allowances 20,100 Sales discounts 6,300 Cost of goods sold 238,000 Sales salaries expense 61,000 Utilities expense 21,500 Selling expenses 42,500 Administrative expenses 118,000 Additional Information Accrued and unpaid sales salaries amount to $2,500. Prepaid selling expenses of $2,200 have expired. A physical count of year-end merchandise inventory is taken to determine shrinkage and shows $32,600 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.