The follemng lest includes selected permanent accounts and all of the temporaey accounts from the December 31 unad;usted trial balance of Emirs; Co.. a business Owned by Itionl Enuko. &DISCO CO uses a perpetual inventory system.
Debit Credit liercbso61se 1rtveatory Peep*Id selling expenses IC Collo, x104..01.01, S 40,000 7,600 53,000 Soles 5609,000 Seles returns •o4 ellosesoces 21,500 Soles dlsceonts 7,000 Cost of goods sold 757,000 Soles salaries exposit 66,000 Ve I lit /es expense 75,007 selling expenses 46,000 Administrative expenses 125.000
Additional Information
.4Cfrue0 and unpaid sales salaries amount to $1.800 Prepaid selling expenses of $2.900 have expired. A physical count of yearend merchandise inventory * taken to determine shrinkage and shoats $34.700 of goods stet! 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.