143/28.6 E Question 2 of 3 View Policies Show Attempt History Current Attempt in Progress Flint Company had the following account balances at year end: Cost of Goods Sold $64.950, Inventory $14.340. Utilities Expense $29,600. Sales Revenue 5122.540. Sales Discounts 51.100 and Sales Returns and Allowances 51.970. A physical count of inventory determines that merchandise inventory on hand is $12.520. They use the perpetual inventory system, (a) Your answer is correct Prepare the adjusting entry necessary as a result of the physical count. (List oll debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required lect"No Entry for the account titles and enter for the amounts) Account Titles and Explanation Debit Credit Cost of Good Sold 1820 1520 Textbook and Media List of Accounts Question 2 of 3 14. Prepare closing entries. (List all debit entries before credit entries. Credit account titles are automatically indented when entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amount Account Titles and Explanation Debit Credit (To close accounts with credit balances) (To close accounts with debit balances) {To close net income / (loss)) O A $ 99+