Current Attempt in Progress

Presented below is information related to Splish Brothers Inc. for the month of January $2022.$

Ending inventory per

perpetual records

Ending inventory actually

on hand

Cost of goods sold

Freight$-$out

Insurance expense

Rent expense

Salaries and wages expense

Sales discounts

Sales returns and allowances

Sales revenue

$$11,820$

$22,450$

$55,490$

$13,080$

$15,060$

$401,870$

Prepare the necessary adjusting entry for inventory. $($Credit account titles are automatically indented when amount is entered. Do n 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

Credi

Prepare the necessary closing entries.