Presented below is information related to Swifty Corporation for the month of January 2020.

Ending inventory per				Insurance expense		$12,530
perpetual records		$27,920		Rent expense		25,050
Ending inventory actually				Salaries and wages expense		59,730
on hand		27,020		Sales discounts		13,090
Cost of goods sold		219,160		Sales returns and allowances		14,700
Freight-out		7,530		Sales revenue		419,030

(a)

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 "0" for the amounts.)

Account Titles and Explanation	Debit	Credit