Presented below is information related to Flounder Industries for the month of January 2020. Ending inventory per Insurance expense 11,340 perpetual records 29,890 Rent expense 24,070 Ending inventory actually Salaries and wages expense 56,750 on hand 29,390 Sales discounts 12,880 Cost of goods sold 222,830 Sales returns and allowances 15,870 Freight-out 6,920 Sales revenue 413,440 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 Debit Credit Prepare the necessary closing entries. (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 (To close accounts with credit balances) (To close accounts with debit balances) (To close net income/(loss)) Debit Credit