Current Attempt in Progress Presented below is information related to Sheridan Company for the month of January 2020. Ending inventory per Insurance expense $ 11,340 perpetual records $ 29,890 Rent expense 24.070 Ending inventory actually 56,750 Salaries and wages expense Sales discounts on hand 29,390 12,880 Cost of goods sold 222,830 Sales returns and allowances 15,870 Freight-out 6,920 Sales revenue 413,440 Part 1 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 Debit Credit e Textbook and Media List of Accounts Save for Later Attempts: unlimited Submit