Presented below is information related to Cullumber Company, owned by D. Flamont, for the month of January 2021.

Ending inventory per perpetual records		$22,500		Insurance expense		$12,000
Ending inventory actually on hand		18,700		Rent expense		18,700
Cost of goods sold		207,000		Salaries expense		54,300
Freight out		6,900		Sales discounts		10,200
				Sales returns and allowances		13,300
				Sales		377,000

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 0 for the amounts.)

Date	Account Titles and Explanation	Debit	Credit
Jan. 31	enter an account title to adjust ending inventory to actual at year end on January 31 Cost of Goods SoldD. Flamont, CapitalFreight OutInsurance ExpenseIncome SummaryMerchandise InventoryNo EntryRent ExpenseSalesSales DiscountsSalaries ExpenseSales Returns and Allowances	enter a debit amount	enter a credit amount
	enter an account title to adjust ending inventory to actual at year end on January 31 Cost of Goods SoldD. Flamont, CapitalFreight OutInsurance ExpenseIncome SummaryMerchandise InventoryNo EntryRent ExpenseSalesSales DiscountsSalaries ExpenseSales Returns and Allowances	enter a debit amount	enter a credit amount