4 of 9 View Policies Show Attempt History Current Attempt in Progress Presented below is information related to Blue Spruce Corp. for the month of January 2022. Ending inventory per Insurance expense $12,700 perpetual records $25,240 Rent expense 23,970 Ending inventory actually Salaries and wages expense 55,370 on hand 24,640 Sales discounts 11,910 Cost of goods sold 212,680 Sales returns and allowances 14,310 Freight-out 7,780 Sales revenue 402,330 (a) Your answer is correct. 3.577 Prepare the necessary adjusting entry for inventory. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter "O" for the amounts.) (b) Account Titles and Explanation Cost of Goods Sold Inventory List of Accounts Debit 600 Credit 600 Attempts: 1 of 3 used Prepare the necessary closing entries. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter "O" for the amounts.) Account Titles and Explanation (To close accounts with credit balances) (To close accounts with debit balances) (To close net income/(loss)) List of Accounts Save for Later Debit Credit Attempts: 0 of 3 used Submit