View Current Attempt in Progress Presented below is information related to Sunland Company for the month of January 2020. $30,260 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 $12,370 21,050 55.450 11,020 14.710 414,450 29,560 219.470 6,550 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 for the amounts.) Debit Credit Account Titles and Explanation e Textbook and Media List of Accounts 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"O for the amounts.) Account Titles and Explanation Debit Credit (To close accounts with credit balances) (To close accounts with debit balances) (To cose net income / (loss))