Prepare the necessary closing entries.

Presented below is selected information related to Sheridan Company for the year ended January 31, 2022. Ending inventory per Insurance expense $11,340 perpetual records $29,890 Rent expense 24,070 Ending inventory actually Salaries and wages expense 56,750 on hand 29,390 Sales discounts 12,880 Cost of goods sold Freight-out 222,830 Sales returns and allowances 15,870 6,920 Sales revenue 413,440