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Sandhill Company had the following account balances at year$-$end: cost of goods sold $$102,000$; inventory $$18,000$; operating expenses $$34,800$; sales revenue $$162,000$; sales discounts $$1,560$; and sales returns and allowances $$3,120.$ A physical count of inventory determines that inventory on hand is $$16,920.$

$($a$)$

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 the amount is entered. Do not indent manually.$)$

$\backslash$table$[[$Account Titles and Explanation,$],[$Save for Later,Attempts: $0$ of $1$ used$]]$

$($b$)$

Prepare closing entries. $($Ust all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually.$)$

Account Titles and Explanation

Debit

Credit

$($To close credit balance accounts.$)$

$($To close accounts with debit balances.$)$

Attempts: $0$ of $1$ used