Presented below is information related to Monty Corp. for the month of January 2020. $ 11,650 $ 25,100 21,740 ons Ending inventory per perpetual records Ending inventory actually on hand Cost of goods sold Insurance expense Rent expense Salaries and wages expense Sales discounts Sales returns and allowances Sales revenue 58,420 24,500 11,130 222,060 15,000 Freight-out 6,760 419,730 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 Debit Credit (To close accounts with credit balances) (To close accounts with debit balances) (To close accounts with debit balances) (To close net income / Closs)) eTextbook and Media List of Accounts