Blossom Company had the following account balances at year-end: cost of goods sold $105,400; inventory $18,600; operating expenses $35,960; sales revenue $167,400; sales discounts $1.612; and sales returns and allowances $3,224. A physical count of inventory determines that inventory on hand is $17,484. (a) -Your answer is partially correct. Prepare the adjusting entry necessary as a result of the physical count. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Account Titles and Explanation Cost of Goods Sold Debit Credit 87916 Inventory eTextbook and Media 87916 entered. Do not indent manually.) Account Titles and Explanation Sales Revenue Income Summary (To close credit balance accounts.) Income Summary Cost of Goods Sold Operating Expenses Sales Discounts Sales Returns and Allowances (To close accounts with debit balances.) Income Summary Owner's Capital (To transfer net income to capital.) Debit 167400 Credit 146196 21204 167400 35960 1612 3224 21204