Presented below is information related to Blossom Company, owned by D. Flamont, for the month of January 2021. Ending inventory per perpetual records Ending inventory actually on hand Cost of goods sold Freight out $20,400 17,000 205,000 5,700 Insurance expense Rent expense Salaries expense Sales discounts Sales returns and allowances Sales $10,700 18,700 53.700 8.700 11,700 367,000 Prepare the necessary adjusting entry for inventory. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter for the amounts.) Prepare the necessary adjusting entry for inventory. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter for the amounts.) Date Account Titles and Explanation Debit Credit Jan. 31 (To adjust ending inventory to actual at year end.) Prepare the necessary closing entries. D. Flamont did not withdraw any cash during the month of January. Credit accountitles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter for the amounts) Account Titles and Explanation Date Jan 31 Debit Credit (To close Income statement account with credit balance.) Jan 31 -/1 ili (To close income statement accounts with debit balances.) Jan. 31 (To close Income Summary account.)