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Question 1 Teal Mountain Inc. had the following account balances at year-end: Cost of Goods Sold TRY64,580: Inventory TRY16,230; Operating Expenses TRY29,130; Sales Revenue TRY127,500 Sales Discounts TRY1,470, and Sales Returns and Allowances TRY2 110. A physical count of inventory determines that merchandise Inventory on hand is TRY13,390. (a) 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 (b) Propare closing entries. (Credit account titles are automatically indented when amount is entered. Do not Indent manually.) Account Titles and Explanation Credit Debit In den (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 close accounts with credit balances.) (To close accounts with debit balances.) (To dose net income / Closs).) By accessing this Question Assistance, you will learn while you earn points based on the Point Potential Policy set by your instructor