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Current Attempt in Progress

Indigo Creations had the following account balances at year$-$end: Cost of Goods Sold $60,870,$ Inventory $15,950,$ Operating Expenses $32,930,$ Sales Revenue $119,650,$ Sales Discounts $1,260,$ and Sales Returns and Allowances $1,900.$ A physical count of inventory determines that merchandise inventory on hand is $12,280.$

Prepare the adjusting entry necessary as a result of the physical count. $($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.$)$

Account Titles and Explanation

Debit

Credit

Prepare 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.$)$