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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

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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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
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
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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