Presented below is selected information related to Cheyenne Corp. for the year ended January 31, 2022. Ending inventory per Insurance expense $12,830 perpetual records $24,320 Rent expense 24,010 Ending inventory actually Salaries and wages expense 58,530 on hand 23,620 Sales discounts 12,850 Cost of goods sold 216,070 Sales returns and allowances 15,890 Freight-out 6,970 Sales revenue 412,110 (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 Debit Credit (To close accounts with credit balances) (To close accounts with debit balances) To cloce net income / llocs