Oriole Company had the following account balances at year-end: cost of goods sold $93,500; inventory $16,500; operating expenses $31,900; sales revenue $148,500; sales discounts $1,430; and sales returns and allowances $2,860. A physical count of inventory determines that inventory on hand is $15,510. (a) Prepare the adjusting entry necessary as a result of the physical count. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Attempts: 2 of 2 used Prepare closing entries. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manuallv.)