Hello, I need help with the following question(s): rConnect ? | Secure l https:/

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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

Explanation / Answer

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

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