Flounder Creations had the following account balances at year$-$end: Cost of Goods Sold $$64,510,$ Inventory $$14,660,0$ perating

Expenses $29,240,$ Sales Revenue $$126,730,$ Sales Discounts $$1,140,$ and Sales Returns and Allowances $1,830.$ A physical count of

inventory determines that merchandise inventory on hand is $t12,760.$

Prepare the adjusting entry necessary as a result of the physical count. $($Credit account titles are automatically indented when amount

is entered. Do not indent manually. If no entry is required, select $"$No Entry" for the account titles and enter $0$ for the amounts.$)$

Account Titles and Explanation

Debit

Credit

Prepare closing entries. $($Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is

required, select $"$No Entry" for the account titles and enter $0$ for the amounts.$)$

Account Titles and Explanation

Debit

Credit

$($To close accounts with credit balances$)$

$($To close accounts with debit balances$)$

$($To close net income $/($loss$))$