Presented below is information related to Sheridan Company, owned by D. Flamont, for the month of January 2017.

Ending inventory per perpetual records$22,800

Insurance expense$11,700

Ending inventory actually on hand18,600

Rent expense20,600

Cost of goods sold205,000

Salaries expense55,100

Freight out6,500

Sales discounts9,600

Sales returns and allowances12,900S

Sales375,000

Date Account Titles and Explanation Debit Credit Jan. 31 (To close income statement account with credit balances) Jan. 31 (To close income statement accounts with debit balances) Jan. 31Prepare 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 0 for the amounts.) Date Account Titles and Explanation Debit Credit Jan. 31 LINK TO TEXT 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 0 for the amounts. ) Date Account Titles and Explanation Debit Credit