S 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. T. Nix, Capital T. Nix, Withdrawals Sales Sales discounts Sales returns and allowances $ 116,300 Cost of goods sold 7,000 Depreciation expense 171,000 Salaries expense 3,000 Miscellaneous expenses 6,400 Prepare the company's year-end closing entries. View transaction list Journal entry worksheet 1 2 3 4 Record the entry to close the income statement accounts with credit balances. Note: Enter debits before credits. Date July 31 General Journal Debit Credit Record entry Clear entry View general journal $ 105,300 10,400 33,000 5,000

S 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. T. Nix, Capital T. Nix, Withdrawals Sales Sales discounts Sales returns and allowances $ 116,300 Cost of goods sold 7,000 Depreciation expense 171,000 Salaries expense 3,000 Miscellaneous expenses 6,400 Prepare the company's year-end closing entries. View transaction list Journal entry worksheet 1 2 3 4 Record the entry to close the income statement accounts with credit balances. Note: Enter debits before credits. Date July 31 General Journal Debit Credit Record entry Clear entry View general journal $ 105,300 10,400 33,000 5,000

College Accounting (Book Only): A Career Approach

13th Edition

ISBN:9781337280570

Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

Chapter11: Work Sheet And Adjusting Entries

Section: Chapter Questions

Problem 4PB: The accounts and their balances in the ledger of Markeys Mountain Shop as of December 31, the end of...

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