Flounder Creations had the following account balances at year-end: Cost of Goods Sold 464,510, Inventory t14,660, Operating Expenses t29,240, Sales Revenue t126,730, Sales Discounts t1,140, 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 O 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 O 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))