Question 3 of 5 > -72 View Policies Current Attempt in Progress Presented below is information related to Wildhorse Co. for the month of January 2020. Ending inventory per Insurance expense $ 12,690 perpetual records $ 27,990 Rent expense 22,140 Ending inventory actually Salaries and wages expense 59,940 on hand 27,190 Sales discounts 10,260 Cost of goods sold 218,840 Sales returns and allowances 16,000 Freight-out 7,170 Sales revenue 406,280 Prepare the necessary adjusting entry for inventory. (Credit account titles are automatically indented when amount is entered. Dor 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 Account Titles and Explanation Debit Credit (To close accounts with credit balances) | (To close accounts with debit balances) (To close accounts with debit balances) (To close net income / (loss))