Exercise 5-8 Presented below is information related to Garland Co. for the month of January 2014. Beginning inventory Ending inventory Purchases Freight-in Purchase discounts Purchase returns and allowances $34,000 29,610 223,200 7,110 Insurance expense Rent expense Salaries and wages expense Sales returns and allowances $12,000 22,300 58,700 16,100 407,000 4,700 Sales revenue 10,900 Prepare the necessary closing entries. (Credit account titles are automatically indented when amoun Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter amounts.) Account Titles and Explanation Debit Credit (To close accounts with credit balances) (To close accounts with debit balances) CTo close net income / (loss) HOW ANSWER ACCOUNTS SHOW SOLUTION