Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. nixit company ledger on july 31 its fiscal year en

Nixit company ledger on july 31 its fiscal year end includes the following accounts that...

80.2K

Verified Solution

Question

Accounting

image

Nixit company ledger on july 31 its fiscal year end includes the following accounts that have normal balances (Nix it uses the perpetual system) merchandise inventory 37800 retained eranings 115300 dividends 7000 sales 160200 sales discounts 4700 sales returns and allowances 6500 cost of goods sold 105000 depreciation expense 10300 salaries expense 32500 miscelleneous expenses 5000 a physical count of its July 31 year-end inventory reveals that the cost of the merchandise inventory still available is 35900 inventory shrinkage 1900 question prepare journal entries toclose the balances in temporary revenue and expense and accounts

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

1. For the following function ?(?) = (?^2−8?+16) / (?^2−4) a. Find the critical values b. Use...

Basic Math
Q

The accompanying data file shows the square footage and associated property taxes for 20 homes in...

Basic Math
Q

How does the body increase heart rate and blood pressure under different circumstances? For example, if...

Medical Sciences
Q

In a differential amplifier, the noninverting input is 3 cos (600t + 45â—¦) mV and the...

Electrical Engineering
Q

Consider the quarterly electricity production for years 1-4: Year 1      2         3            4 Q1   99   120     139        160 Q2   88   108     127        148 Q3  ...

Basic Math
Q

At a certain zoo, the average mass of one elephant is measured to be 3800...

Basic Math
Q

Graph f x 2 1 and g x x 5 on the same coordinate plane...

Algebra
Q

Solve the following system of equations with the substitution method 10x 2y ly Answer 5z...

Algebra
Q

Walmart, a U.S.-based MNC, has screened several targets. Based on economic...

Accounting
Q

Hedeon is the sole owner of Cliff Company. For 2023, the only...

Accounting
Q

Support department allocations The centralized Data Analytics Department of Drewlink Company has expenses...

Accounting
Q

the vanuary 1, 2024, Jordan, Inc. acquired a mawer the depreciation expense per year using...

Accounting