Presented below is information related to Martinez Industries for the month of January 2020. Ending inventory per Insurance expense 11,150 perpetual records 31,180 21,280 Rent expense Salaries and wages expense Ending inventory actually 55,630 on hand 30,480 11,090 Sales discounts Sales returns and allowances Cost of goods sold 218,770 15,740 Freight-out 7,290 Sales revenue 404,680 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 for the amounts.) Account Titles and Explanation Debit Credit Account Titles and Explanation Debit Credit (To close accounts with credit balances) (To close accounts with debit balances) (To close net income / (loss)