ces Required information [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 Retained earnings Dividends Sales Sales discounts $ 37,000 Sales returns and allowances 115,100 Cost of goods sold 7,000 Depreciation expense 160,200 salaries expense 4,700 Miscellaneous expenses $6,500 105,000 10,300 32,500 5,000 A physical count of its July 31 year-end inventory discloses that the cost of the merchandise inventory still available is $35,900 au revenue and expense accounts. Remember to consider the entry for 77 4
ces Required information [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 Retained earnings Dividends Sales Sales discounts $ 37,000 Sales returns and allowances 115,100 Cost of goods sold 7,000 Depreciation expense 160,200 salaries expense 4,700 Miscellaneous expenses $6,500 105,000 10,300 32,500 5,000 A physical count of its July 31 year-end inventory discloses that the cost of the merchandise inventory still available is $35,900 au revenue and expense accounts. Remember to consider the entry for 77 4
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Rey
![ces
Required information
[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
Retained earnings
Dividends
Sales
Sales discounts
$ 37,000 Sales returns and allowances
115,300 Cost of goods sold
7,000 Depreciation expense
160,200 salaries expense
4,700 Miscellaneous expenses
$6,500
105,000
10,300
32,500
5,000
A physical count of its July 31 year-end inventory discloses that the cost of the merchandise inventory still available is
$35,900
innan revenue and expense accounts. Remember to consider the entry for
37
4](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F309a5464-eec6-4875-9ef0-509d805eb794%2Fb74ae0f5-9315-4ea8-b9ca-0ed46d32dcb1%2Fi8gm56_processed.jpeg&w=3840&q=75)
Transcribed Image Text:ces
Required information
[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
Retained earnings
Dividends
Sales
Sales discounts
$ 37,000 Sales returns and allowances
115,300 Cost of goods sold
7,000 Depreciation expense
160,200 salaries expense
4,700 Miscellaneous expenses
$6,500
105,000
10,300
32,500
5,000
A physical count of its July 31 year-end inventory discloses that the cost of the merchandise inventory still available is
$35,900
innan revenue and expense accounts. Remember to consider the entry for
37
4
![Journal entry worksheet
<
1
<
Record the entry to close the income statement accounts with credit balances.
Note: Enter debits before credits.
Date
July 31
2
Record entry
1
Journal entry worksheet
General Journal
Show Transcribed Text
2
Date
July 31
Clear entry
Note: Enter debits before credits.
Debit
Record the entry to close the income statement accounts with debit balances.
View general journal
General Journal
Debit
Credit](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F309a5464-eec6-4875-9ef0-509d805eb794%2Fb74ae0f5-9315-4ea8-b9ca-0ed46d32dcb1%2Fr1zc9l_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Journal entry worksheet
<
1
<
Record the entry to close the income statement accounts with credit balances.
Note: Enter debits before credits.
Date
July 31
2
Record entry
1
Journal entry worksheet
General Journal
Show Transcribed Text
2
Date
July 31
Clear entry
Note: Enter debits before credits.
Debit
Record the entry to close the income statement accounts with debit balances.
View general journal
General Journal
Debit
Credit
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