319/2017 Exercise 5-8 Print by: HAYEL ZANDANI S 17 ACC1101/OL10 Chapter Five-Problems *Exercise 5-8 Presented below is information related to Hoerl Co. for the month of January 2017 Insurance expense s 11,100 Ending inventory per 23,780 Rent expense perpetual records 24,050 Ending inventory actually Salaries and wages expense 55 44 on hand 23,280 Sales discounts 11,600 14,260 Cost of goods sold 217,400 Sales returns and allowances Freight-out 6,720 Sales revenue 411,450 Prepare the necessary adjusting entry for inventory. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit Prepare the necessary closing entries. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit (To close accounts with credit balances) (To close accounts with debit balances) (To close net income (loss) Question Attempts: 0 of 5 used httpsziedugen.Mileyplus.comledugen'sharedassignmenttestiprint uni