Presented below is information related to Pharoah Company, owned by D. Flamont, for the month of January 2021.

Ending inventory per perpetual records $20,700

Insurance expense $11,500

Ending inventory actually on hand 18,700

Sales 383,000

Rent expense 20,400

Cost of goods sold 216,000

Salaries expense 54,900

Freight out 5,900

Sales discounts 9,500

Sales returns and allowances 13,100

Prepare the necessary adjusting entry for inventory. (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.) Date Account Titles and Explanation Debit Credit Jan. 31 (To adjust ending inventory to actual at year end.) Prepare the necessary closing entries. D. Flamont did not withdraw any cash during the month of January. (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.) Date Account Titles and Explanation Debit Credit Jan. 31 (To close income statement account with credit balance.) (To close income statement accounts with debit balances.) (To close Income Summary account.) Jan. 31 Jan. 31