Exercise 5-8 Presented below is information related to Hurley Co. for the month of January 2012 $ 11,560 24,500 57,910 Ending inventory per perpetual records Insurance expense $ 25,400 Rent expense Ending inventory actually Salaries and wages expense on hand Sales discounts 24,790 12,460 Cost of goods sold Freight-out Sales returns and allowances 211,660 14,630 6,770 413,360 Sales revenue (a) Prepare the necessary adjusting entry for inventory. (Credit account titles are autom Account Titles and Explanation Debit Credit (b) Prepare the necessary closing entries. (Credit account titles are automatically inder Account Titles and Explanation Debit Credit (To dose accounts with credit balances.) To dlose accounts with debit balances.) (To dose net income/ (loss).)