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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

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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 Cost of goods sold Freight out $20,700 Insurance expense 17,600 Rent expense 208,000 Salaries expense 5,900 Sales discounts Sales returns and allowances Sales $10,800 21,100 54,200 9,000 12,100 388,000 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 for the amounts.) Debit Credit Date Account Titles and Explanation 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 account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "Nd Entry" for the account titles and enter for the a amounts) Debit Credit Date Account Titles and Explanation Jan. 31 (To close income statement account with credit balance.) Jan 31 > (To close income statement accounts with debit balances.) Jan 31 (To close Income Summary account.)

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