Presented below is information related to Tamarisk, Inc. for the month of January 2022. Ending inventory per Insurance expense $11,100 perpetual records $25,510 Rent expense 24,490 Ending inventory actually Salaries and wages expense 58,620 on hand 24,810 Sales discounts 10,360 Cost of goods sold 215,990 Sales returns and allowances 15,660 Freight-out 7,620 Sales revenue 419,490 (a) Your answer is correct. 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 Cost of Goods Sold Inventory Debit 700 Credit 700 (b) 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 (To close accounts with credit balances) (To close accounts with debit balances) (To close net income/(loss)) Debit Credit