Presented below is information related to Blue Spruce Corp. for the month of January 2022. Prepare the necessary adjusting entry for inventory. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter " O " for the amounts.) Account Titles and Explanation Sales Revenue Income Summary (To close accounts with credit balances) Income Summary Sales Returns and Allowances Sales Discounts Cost of Goods Sold Salaries and Wages Expense Freight-Out Insurance Expense Rent Expense (To close accounts with debit balances) Income Summary Retained Earnings (To close net income / (loss)) Debit Credit 14,310 11,910 212080 55,370 7,780 12,700 23,970