! Required information [The following information applies to the questions displayed below.] Nix'lt Company's ledger...
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! Required information [The following information applies to the questions displayed below.] Nix'lt 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). Merchandise inventory Retained earnings Dividends Sales Sales discounts $ 45, 800 131, 300 7,000 162, 600 4,500 Sales returns and allowances Cost of goods sold Depreciation expense Salaries expense Miscellaneous expenses $ 4,900 109, 800 11,900 40, 500 5,000 A physical count of its July 31 year-end inventory discloses that the cost of the merchandise inventory still available is $43,850. Prepare journal entries to close the balances in temporary revenue and expense accounts. Remember to consider the entry for shrinkage from QS 4-9. (The solution from QS 4-9 is required to complete this question.) View transaction list Journal entry worksheet 2 > Record the entry to close the income statement accounts with credit balances Note: Enter debits before credits. General Journal Debit Credit Date July 31 Drou SS Novet Journal entry worksheet
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