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 $ 31,000       Prepaid selling expenses   5,800       K. Emiko, Withdrawals   35,000       Sales       $ 537,000 Sales returns and allowances   17,900       Sales discounts   5,200       Cost of goods sold   216,000       Sales salaries expense   50,000       Utilities expense   16,000       Selling expenses   37,000       Administrative expenses   107,000         Additional Information Accrued and unpaid sales salaries amount to $1,400. Prepaid selling expenses of $3,200 have expired. A physical count of year-end merchandise inventory is taken to determine shrinkage and shows $29,300 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.

Levine Company uses the perpetual inventory system.  April 8 Sold merchandise for $8,700 (that had cost $6,429) and accepted the customer's Suntrust Bank Card. Suntrust charges a 4% fee. April 12 Sold merchandise for $8,000 (that had cost $5,184) and accepted the customer's Continental Card. Continental charges a 2.5% fee.  Prepare journal entries to record the above credit card transactions of Levine Company. (Round your answers to the nearest whole dollar amount.)

On March 1, Sally Co. sold merchandise to Buck Co. on account, $58,900, terms 2/15, n/30. The cost of the merchandise sold is $35,200. The merchandise was paid for on March 14. Assume all discounts are taken. Required: Journalize the entries for Sally Co. and Buck Co. for the sale, purchase, and payment of amount due. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a joumal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered.

On December 22, Travis Company purchased merchandise on account from a supplier for $7,500, terms 2/10, net 30. Travis Company paid for the merchandise within the discount period on December 31. Required:   Under a perpetual inventory system, record the journal entries required for the above transactions. Refer to the Chart of Accounts for exact wording of account titles.     Chart of Accounts     CHART OF ACCOUNTS Travis Company General Ledger   ASSETS 110 Cash 120 Accounts Receivable 125 Notes Receivable 130 Merchandise Inventory 131 Estimated Returns Inventory 140 Supplies 142 Prepaid Insurance 180 Land 190 Equipment 191 Accumulated Depreciation   LIABILITIES 210 Accounts Payable 216 Salaries Payable 221 Sales Tax Payable 222 Customers Refunds Payable 231 Unearned Rent 241 Notes Payable   EQUITY 310 Common Stock 311 Retained Earnings 312 Dividends 313 Income Summary   REVENUE…