[The following information applies to the questions displayed below.]   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).                   Merchandise inventory $ 45,800   Sales returns and allowances $ 4,900 T. Nix, Capital   131,300   Cost of goods sold   109,800 T. Nix, Withdrawals   7,000   Depreciation expense   11,900 Sales   162,600   Salaries expense   40,500 Sales discounts   4,500   Miscellaneous expenses   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 5-9. (

Question Content Area Based on the following data for the current year, what is the inventory turnover (rounded to one decimal place)? Sales on account during year $586,967 Cost of merchandise sold during year 176,594 Accounts receivable, beginning of year 46,824 Accounts receivable, end of year 52,382 Merchandise inventory, beginning of year 31,526 Merchandise inventory, end of year 40,442 a.21.2 b.4.9 c.16.3 d.3.9

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 Prepare the company's year-end closing entries. No 1 2 3 Date July 31 July 31 July 31 Sales Income summary Income summary Sales discounts $ 115,300 Cost of goods sold 7,000 Depreciation expense expense 170,000 Salaries expense 4,700 Miscellaneous expenses 6,500 Income summary X Answer is not complete. Sales returns and allowances Cost of goods sold Depreciation expense Salaries expense Retained earnings General Journal 33 333333 ✓ 33 $ 106,900 10,300 32,500 5,000 Debit 170,000✔ > 147,900 X 149,700 X Credit 170,000 4,700 6,500 106.900 10,300 32,500 3330 149,700 x

Madison Company's perpetual inventory records indicate that $520,930 of merchandise should be on hand on October 31. The physical inventory indicates that $505,510 is actually on hand. Journalize the adjusting entry for the inventory shrinkage for Madison Company for the year ended October 31. If an amount box does not require an entry, leave it blank. Oct. 31 Accounts Payable Accounts Receivable Cash Cost of Goods Sold Inventory

Sales-Related and Purchase-Related Transactions for Seller and Buyer Using Perpetual Inventory System The following selected transactions were completed during April between Swan Company and Bird Company: Apr.2. Swan Company sold merchandise on account to Bird Company, $18,400, terms FOB shipping point, 2/10, n/30. Swan Company paid freight of $305, which was added to the invoice. The cost of the merchandise sold was $11,600. 8. Swan Company sold merchandise on account to Bird Company, $29,000, terms FOB destination, 1/15, n/30. The cost of the merchandise sold was $17,400. 8. Swan Company paid freight of $760 for delivery of merchandise sold to Bird Company on April 8. 12. Bird Company paid Swan Company for purchase of April 2. 18. Swan Company paid Bird Company a refund of $2,000 for defective merchandise in the April 2 purchase. Bird Company agreed to keep the merchandise. 23. Bird Company paid Swan Company for purchase of April 8. 24. Swan Company sold merchandise on…

Question Content Area Based on the following data for the current year, what is the number of days' sales in inventory? Assume 365 days a year. Sales on account during year $575,757 Cost of merchandise sold during year 193,428 Accounts receivable, beginning of year 43,481 Accounts receivable, end of year 51,054 Merchandise inventory, beginning of year 32,544 Merchandise inventory, end of year 43,018 Round your intermediate calculations to the nearest dollar. When required, round your answer to the whole number.

Transactions for Buyer and Seller Shore Co. sold merchandise to Blue Star Co. on account, $110,600, terms FOB shipping point, 2/10, n/30. The cost of the goods sold is $66,360. Shore paid freight of $1,900. Journalize Shore Co.'s entry for the sale, purchase, and payment of amount due, using the net method under a perpetual inventory system. If an amount box does not require an entry, leave it blank.

Purchase-related transactions using perpetual inventory systemThe following selected transactions were completed by Niles Co. duringMarch of the current year:   Instructionsjournalize the entries to record the transactions of Niles Co. for March

Please don't provide answer in image format thank you

Presented below is information related to Sheridan Company for the month of January 2022. Ending inventory per perpetual records Ending inventory actually on hand Cost of goods sold Freight-out (a) $29,890 29,390 222,830 6,920 Insurance expense Account Titles and Explanation Rent expense Salaries and wages expense Sales discounts Sales returns and allowances Sales revenue $11,340 24,070 56,750 Debit 12,880 15,870 Prepare the necessary adjusting entry for inventory. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter "O" for the amounts.) 413,440 Credit