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Exercise 5-07 a-b (Part Level Submission) Pina Company had the following account balances at year-end: Cost of Goods Sold 560,410; Inventory $15,010; Operating Expenses $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. Your answer is correct. 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.) Account Titles and Explanation Debit Credit Cost of Goods Sold 2650 Inventory 2650 Click if you would like to show Work for this question: Open Show Work SHOW LIST OF ACCOUNTS SHOW SOLUTION SHOW ANSWER LINK TO TEXT Attempts: 1 of 5 used (b) Prepare closing entries. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit (To dose accounts with credit balances) (To dose accounts with debit balances) (To dlose net income / (loss)) Click if you would like to Show Work for this question: Open Show Work