Presented below is information related to Skysong, Inc. for the month of January 2020. Ending inventory per Insurance expense $ 12,410 perpetual records $ 31,140 Rent expense 22,090 Ending inventory actually Salaries and wages expense 58,600 on hand 30,240 Sales discounts 10,690 Cost of goods sold 224,440 Sales returns and allowances 15,140 Freight-out 7,710 Sales revenue 417,390a. 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 "0" for the amounts.)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.)