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Exercise 5-8 Presented below is information related to Pina Colada Corp. for the month of January...

Exercise 5-8

Presented below is information related to Pina Colada Corp. for the month of January 2019.

Ending inventory per Insurance expense $11,460
   perpetual records $22,890 Rent expense 20,190
Ending inventory actually Salaries and wages expense 55,580
   on hand 22,190 Sales discounts 12,350
Cost of goods sold 218,370 Sales returns and allowances 14,760
Freight-out 6,860 Sales revenue

419,300

a. 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.)

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