ACCOUNTING-Hugo Reyes Company had the following account balances at year-end

Hugo Reyes Company had the following account balances at year-end: Cost of Goods Sold $61,010; Inventory $17,220; Operating Expenses $29,650; Sales Revenue $122,470; Sales Discounts $1,210; and Sales Returns and Allowances $2,030. A physical count of inventory determines that merchandise inventory on hand is $12,870.(a) 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.)Account Titles and ExplanationDebitCredit(b) Prepare closing entries.(Credit account titles are automatically indented when amount is entered. Do not indent manually.)Account Titles and ExplanationDebitCredit(To close accounts with credit balances.)(To close accounts with debit balances.)(To close net income / (loss).)

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