Presented below is selected information related to Skysong, Inc. for the year ended January 31, 2022. Ending inventory per Insurance expense $12,410 perpetual records $31,140 Rent expense 22,090 Ending inventory actually Salaries and wages expense 58,600 on hand 30,240 Sales discounts 10,690 Cost of goods sold 224,440 Sales returns and allowances 15,140 Freight-out 7,710 Sales revenue 417,390 (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 900 Credit 900 (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