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Presented below is information related to Larkspur, Inc. for the month of January $2022.$

$($a$)$

Your answer is correct.

Prepare the necessary adjusting entry for inventory. $($Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select $"$No Entry" for the account titles and enter $"$O$"$ for the amounts.$)$

Account Titles and Explanation

Credit

Cost of Goods Sold

Inventory

eTextbook and Media

Assistance Used

List of Accounts

Attempts: $1$ of $3$ used

$($b$)$

Prepare the necessary closing entries. $($Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select $"$No Entry" for the account titles and enter $"0"$ for the amounts.$)$

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