The following list includes selected permanent accounts and all of the temporary accounts from the December 31, 2011, unadjusted trial balance of Deacon Co., a business owned by Julie Deacon. Use these account balances along with the additional information to journalize (a)adjusting entries and (b)closing entries. Deacon Co. uses a perpetual inventory system. Debit Credit Merchandise $28,000 Prepaid selling expenses 5000 J. Deacon, Withdrawals 2200 Sales $429,000 Sales returns and allowance 16,500 Sales discounts 4,000 Cost of goods sold 211,000 Sales salaries expense 47,000 Utilities expense 14,000 Selling expenses 35,000 Administrative expenses 95,000 Additional information Accrued sales salaries amount to $1,600. Prepaid selling expenses of $2000 have expired. A physical count of year-end merchandise inventory shows $27,450 of goods still available.