Question 1 of 2 > 4.44/ 5 E View Policies Show Attempt History Current Attempt in Progress Pina Company had the following account balances at year-end: Cost of Goods Sold $60,410, Inventory $15,010, Utilities Expense $29,380, Sales Revenue $126,580, Sales Discounts $1,340, and Sales Returns and Allowances $2,090. A physical count of inventory determines that merchandise inventory on hand is $12,360. They use the perpetual inventory system. (a) V Your answer is correct. Prepare the adjusting entry necessary as a result of the physical count. (List all debit entries before credit 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 Cost of Goods Sold 2650 Inventory 2650 eTextbook and Media List of Accounts Attempts: 3 of 5 used (b) Your answer is partially correct. Prepare closing entries. (List all debit entries before credit 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 Sales Revenue 126580 Income Summary 126580 (To close accounts with credit balances) Income Summary 35460 Sales Returns and Allowances 2090 Sales Discounts 1340 Cost of Goods Sold 2650 Utilities Expense 29380 (To close accounts with debit balances) Income Summary 91120 Owner's Capital 91120 To close net income / (loss)) eTextbook and Media Assistance Used List of Accounts Save for Later Attempts: 2 of 5 used Submit AnswerQuestion 2 of 2