Presented below is information related to Metlock Company for the month of January 2017.

Ending inventory per				Insurance expense		12,000
perpetual records		31,180		Rent expense		24,270
Ending inventory actually				Salaries and wages expense		58,670
on hand		30,550		Sales discounts		8,256
Cost of goods sold		225,830		Sales returns and allowances		15,980
Freight-Out		7,420		Sales revenue		408,980

Exercise 5-8 Presented below is information related to Metlock Company for the month of January 2017. 31,180 Ending inventory per perpetual records Ending inventory actually on hand Cost of goods sold Freight-Out Insurance expense Rent expense Salaries and wages expense Sales discounts Sales returns and allowances Sales revenue 12,000 24,270 58,670 8,256 15,980 408,980 30,550 225,830 7,420 (a) Prepare the necessary adjusting entry for inventory. (Credit account titles are automatically indented wh Debit Credit Account Titles and Explanation (b) Prepare the necessary closing entries. (Credit account titles are automatically indented when amount is Debit Credit Account Titles and Explanation (To close accounts with credit balances.)