Presented below is information related to Crane Company, owned by D. Flamont, for the month of January 2017. Ending inventory per perpetual records $20,900 Insurance expense Ending inventory actually on hand 19,000 Rent expense Cost of goods sold 214,000 Salaries expense Freight out 7,800 Sales discounts Sales returns and allowances $11,700 19,300 54,800 9,800 13,100 368,000 Sales 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 Debit Credit Jan. 31 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 Account Titles and Explanation Debit Credit Jan. 31 (To close income statement account with credit balances) Jan. 31 (To close income statement accounts with debit balances) Jan. 31 (To close income summary)