Please solve these Questions.

E5-7 Tim Jarosz Company had the following account balances at year end: Cost of Goods Prepare adjusting and closing Sold $60,000, Inventory $15,000, Operating Expenses $29,000, Sales Revenue $115.000, entries. Sales Discounts $1,200, and Sales Returns and Allowances $1,700. A physical count of (L04) inventory determines that merchandise inventory on hand is $13,600. Instructions (a) Prepare the adjusting entry necessary as a result of the physical count. (b) Prepare closing entries