Exercise 5A-8 Presented below is information related to Monty Co. for the month of January 2017 Beginning inventory Ending inventory Purchases Freight-in Purchase discounts Purchase returns and allowances $32,000 26,000 232,000 8,000 5,000 11,000 Insurance expense Rent expense Salaries and wages expense Sales returns and allowances Sales revenue $11,000 22,000 56,000 14,000 415,000 Account Titles and Explanation Debit Credit (To record ending inventory and close accounts with credit balances) (To close beginning inventory and accounts with debit balances) (To close income summary)