Presented below is information related to Taylor Co. for the month of January 2014.
| Ending inventory per perpetual records | 21,600 | Insurance expense | 12,000 |
| Ending inventory actually on hand | 21,000 | Rent expense | 20,000 |
| Cost of goods sold | 208,000 | Salaries and wages expense | 59,000 |
| Freight-out | 7,000 | Sales discounts | 8,000 |
| Sales returns and allowances | 13,000 | Sales revenue | 378,000 |
Instructions:
(a) Prepare the necessary adjusting entry for inventory. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)
(b) Prepare the necessary closing entries.
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