Hello I need help with the following questions rConnect Se

Hello, I need help with the following question(s):

rConnect ? | Secure l https://newconnect.mheducation.com/flow/connect.html Ch 4 Exercises Saved Help Save & Exit Submit Check my work Exercise 4-10 Preparing adjusting and closing entries for a merchandiser LO P3 5.85 pcinis 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 S 30,a0o 5,600 33,080 Nerchandise inventory Prepaid selling expenses Dividends Sales Sales returns and alloNances Sales discounts Cost of goods sold ales salaries expense Utilities expense elling expenses Acmdnistrative expenses eBook Hint 529,e0a 17,580 5,a00 212,080 48,080 15,a80 36,80 185,080 Piint References Additional Information Accrued sales salaries amount to $1,700. Prepald selling expenses of $3,000 have expired. A physical count of year-end merchandise inventory shows $28,700 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 Mc Graw Pre 11 of 1 Next O Type here to search R* A 12:37 AM 6/23/2018

Solution

a)

To record inventory shrinkage ($30,000 ? $28,700) = $1300.

b)

Date	General Journal	Debit	Credit
Dec 31	Sales salaries expense	1700
	Salaries payable		1700
Dec 31	Selling epxpenses	3000
	Prepaid selling expenses		3000
Dec 31	Cost of goods sold	1300
	Merchandise inventory		1300