Presented below is information related to Monty Co. for the month of January 2017. Beginning inventory Ending inventory Purchases Freight-in Purchase discounts Purchase returns and allowances $27,000 25,000 229,000 7,000 6,000 Insurance expense Rent expense Salaries and wages expense Sales returns and allowances $11,000 20,000 61,000 14,000 401,000 Sales revenue 11,000 Prepare the necessary closing entries. (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.) Account Titles and Explanation Debit Credit (To record ending inventory and close accounts with credit balances) (To close beginning inventory and accounts with debit balances) (To close income summary)