Presented below is information related to Crane Company, owned by D. Flamont, for the month of January 2021. Ending inventory per perpetual records Ending inventory actually on hand $20,700 Insurance expense $10,800 17,600 Rent expense 21.100 Cost of goods sold 208,000 Salaries expense 54.200 Freight out 5,900 Sales discounts 9,000 Sales returns and allowances 12,100 Sales 388,000 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 O for the amounts.) Date Account Titles and Explanation Jan. 31 Debit Credit Prepare the necessary closing entries. D. Flamont did not withdraw any cash during the month of January. (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 O for the amounts.) Date Jan. 31 Jan. 31 Account Titles and Explanation (To close income statement account with credit balance.) Debit Credit