Exercise 4-14 (Algo) Preparing closing entries for a merchandiser LO P3 The following Record closing of credit balances in temporary accounts. list includes temporary accounts from the December 31 adjusted trial balance of Emiko Co. Use these normal account balances to journalize closing entries. Debit Credit Dividends $ 43,000 Sales $ 569,000 Sales returns and allowances 19,500 Sales discounts 6,000 Cost of goods sold 232,000 Sales salaries expense 58,000 Utilities expense 20,000 Selling expenses 41,000 Administrative expenses 115,000