II. Adjusting the Inventory Account The inventory T-Account showed a balance of $42,775. An actual count of inventory on hand amounted to $41,995. Prepare the adjusting entry needed. III. Use the information below to prepare closing entries Sales Revenue: $420,000; Sales Returns & Allowances: $75,000; Sales Discounts: $42,000; Cost of Goods Sold: $160,000; Salary Expense: $48,000; Rent Expense: $17,000; Advertising Expense: $5000, Depreciation Expense: $8,000; Dividends: $12,000