Question 2 of 5 View Policies Current Attempt In Progress -/6 Monty Creations had the following account balances at year-end. Cost of Goods Sold t61,010, Inventory t16.210, Operating Expenses 133,010, Sales Revenue #123,840, Sales Discounts $1,230, and Sales Returns and Allowances 12.050. A physical count of inventory determines that merchandise inventory on hand is t12,920. Prepare the adjusting entry necessary as a result of the physical count. (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 Prepare 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) I (To close accounts with debit balances) (To close net income/(loss)) Debit Credit