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Exercise 5A-8 Presented below is information related to Sheffield Co. for the month of January 2017. Beginning inventory $27,000 Insurance expense $11,000 Ending inventory 25,000 Rent expense 20,000 Purchases 229,000 Salaries and wages expense 61,000 Freight-in 7,000 Sales returns and allowances 14,000 Purchase discounts 6,000 Sales revenue 401,000 Purchase returns and allowances 11,000 Prepare the necessary closing entries. (Credit account titles are automatically indented wh for the account titles and enter 0 for the amounts.) Account Titles and Explanation Debit Credit (To record ending inventory and close accounts with credit balances) MacBook Air(To record ending inventory and close accounts with credit balances) (To close beginning inventory and accounts with debit balances) (To close income summary) Click if you would like to Show Work for this question: Open Show Work MacBook Air