Following is a random list of some of the accounts and their balances on October $31,2023,$ for Kaomi Products. Kaomi uses a perpetual inventory system, and all account balances are normal. OMIT EXPLANATIONS

Inventory $ $134,000$ P$.$ Kaomi, Capital $100,000$

Sales revenue $940,000$ Utilities expense $58,000$

Interest revenue $56,000$ Amortization expense $40,000$

Salary expense $92,000$ P Kaomi, Withdrawals $50,000$

Sales returns & allowances $60,000$ Cost of goods sold $518,000$

Interest expense $26,000$ Accounts payable $112,000$

Delivery expense $30,000$ Accounts receivable $156,000$

Sales discounts $50,000$ Cash $58,000$

Insurance expense $16,000$

A physical count on October $31,2023,$ reveals $$130,000$ of inventory on hand.

a$)$ Prepare the entry to adjust the inventory account on October $31,2023.$

b$)$ Prepare the closing entries on October $31,2023.$