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Question 2 Presented below is information related to Cullumber Company, owned by D. Flamont, for the month of January 2017. Ending inventory per perpetual records $21,500 Insurance expense $11,300 Ending inventory actually on hand 19,000 Rent expense 19,200 Cost of goods sold 206,000 Salaries expense 56,200 Freight out 8,000 Sales discounts 9,400 Sales returns and allowances 13,100 Sales 386,000 Prepare the necessary adjusting entry for inventory. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Date Account Titles and Explanation Debit Credit Jan. 31Prepare the necessary closing entries. D. Flamont did not withdraw any cash during the month of January. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Date Account Titles and Explanation Debit Credit Jan. 31 (To close income statement account with credit balances) Jan. 31 (To close income statement accounts with debit balances) Jan. 31 (To close income summary)