Pronghorn Company had the following account balances at year-end: Cost of Goods Sold $64,120, Inventory $14,320, Utilities Expense $30,950, Sales Revenue $124,720, Sales Discounts $1,250, and Sales Returns and Allowances $2,110. A physical count of inventory determines that merchandise inventory on hand is $12,470. They use the perpetual inventory system. (a) Your answer is partially correct. Prepare the adjusting entry necessary as a result of the physical count. (List all debit entries before credit entries. Credit occount 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)