Presented below is information related to Pharoah Company, owned by D. Flamont, for the month of January 2021. $22,700 Insurance expense $12.400 Ending inventory per perpetual records Ending Inventory actually on hand Cost of goods sold 17.100 18,800 Rent expense 210,000 Salaries expense 54,400 5.700 Sales discounts 10.600 Freight out Sales returns and allowances 12.700 Sales 368.000 -72 !!! Petydning entry for inventory. (Credit account titles are automatically Indented when the amount is entered. Do roinde no entry is required, select "No Entry for the account titles and enter for the amounts) Date Account Titles and Explanation Debit Credit Jan. 31 (To adjust ending inventory to actual at year end.) e Textbook and Media Prepare the necessary closing entries. D. Flamont did not withdraw any cash during the month of January (Credit account titles are unded when the amount is entered. Do not indent manually. If no entry is required, select "No Entry for the accounttiles -12 annecessary dosing entries. D. Flamont did not withdraw any cash during the month of January. Credit accounts cally Indented when the amount is entered. Do not Indent manually. If no entry is required, select "No Entry for the accounts and enter for the amounts) Date Account Titles and Explanation Debit Credit Jan 31 To close Income statement account with credit balance) Jan 31 0 US 111 M (To close income statement account with credit balance) Jan. 31 To close Income statement accounts with debit balanced US -12 E (To close Income statement accounts with debit balances.) Jan 31 (To close Income Summary account) e Textbook and Media Stre