Reference no: EM132733351

Presented below is information related to Monty Co. for the month of January 2017.

Beginning inventory $27,000            Insurance expense $11,000

Ending inventory 25,000                  Rent expense 20,000

Purchases 229,000                          Salaries and wages expense 61,000

Freight-in 7,000                                    Sales returns and allowances 14,000

Purchase discounts 6,000                           Sales revenue 401,000

Purchase returns and allowances 11,000

Problem A. Produce the necessary closing entries. (Credit account titles are automatically indented when the 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.)