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. DebitCredit Merchandise inventory$30,000 Prepaid selling expenses5,600 K. Emiko, Withdrawals33,000 Sales$529,000 Sales returns and allowances17,500 Sales discounts5,000 Cost of goods sold212,000 Sales salaries expense48,000 Utilities expense15,000 Selling expenses36,000 Administrative expenses105,000 Additional InformationAccrued 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. b)Use the above account balances along with the additional information, prepare the closing entries.