Presented is information related to Rogers Co. for the month of January 2010. Ending inventory per perpetual records $21,600 Ending inventory actually on hand 21,000 Cost of goods sold 218,000 Freight out 7,000 Insurance expense 12,000 Rent expense 20,000 Salary expense 61,000 Sales discounts 10,000 Sales returns and allowances 13,000 Sales 350,000 Instructions (a) Prepare the necessary adjusting entry for inventory. Description/Account Debit Credit (b) Prepare the necessary closing entries. (For multiple debit/credit entries, list amounts from largest to smallest eg 10, 5, 3, 2.) Description/Account Debit Credit (To close income statement accounts with credit balances.) (To close income statement accounts with debit balances.) (To close net income to capital.)