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Nix'It Company's ledger on July 31, its fiscal year-end, includes the following selected accounts that...

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Accounting

Nix'It Company's ledger on July 31, its fiscal year-end, includes the following selected accounts that have normal balances. Nix'It uses the perpetual inventory system. Retained earnings Dividends Sales Sales discounts Sales returns and allowances $ 122,300 Cost of goods sold 7,000 Depreciation expense 177,000 Salaries expense 3,600 Miscellaneous expenses 5,800 Prepare the company's year-end closing entries. $ 107,100 11,000 36,000 5,000
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Nix'it Company's ledger on July 31 , its fiscal year-end, includes the following selected accounts that have normal balances. Nix'lt uses the perpetual inventory system. Prepare the company's year-end closing entries. Journal entry worksheet Record the entry to close the income statement accounts with credit balances. Note: Enter debits before credits

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