Nix'It Company's ledger on July 31, its fiscal year-end, includes the following selected accounts that...
90.2K
Verified Solution
Link Copied!
Question
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
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
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!
