Exercise 5-8 Presented below is information related to Garland Co. for the month of January 2019. $21,600 Ending inventory per perpetual records Ending inventory actually on hand Cost of goods sold Freight-out 21,000 218,000 7,000 Insurance expense Rent expense Salaries and wages expense Sales discounts Sales returns and allowances Sales revenue $12,000 20,000 55,000 10,000 13,000 380,000 Prepare the necessary adjusting entry for inventory. (Credit account titles are automatically indented when amount is entered. Do not i account titles and enter "O" for the amounts.) Account Titles and Explanation Debit Credit Account Titles and Explanation Debit Credit (To close accounts with credit balances) (To close accounts with debit balances) (To close net income / (loss))