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 $ 115,300 Cost of goods sold 106,900 7,000 Depreciation expense expense 170,000 Salaries expense 4,700 Miscellaneous expenses $ 6,500 10,300 32,500 5,000 T. Nix, Withdrawals Sales Sales discounts Sales returns and allowances 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 View general journal Record entry Clear entry

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 $ 115,300 Cost of goods sold 106,900 7,000 Depreciation expense expense 170,000 Salaries expense 4,700 Miscellaneous expenses $ 6,500 10,300 32,500 5,000 T. Nix, Withdrawals Sales Sales discounts Sales returns and allowances 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 View general journal Record entry Clear entry

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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Required information [The following information applies to the questions displayed below.] Consider the following narrative describing the process of filling a customer's order at a Starbucks branch: Identify the start and end events and the activities in the following narrative, and then draw the business process model using BPMN: the Starbucks customer entered the drive-through lane and stopped to review the menu. He then ordered a Venti coffee of the day and a blueberry muffin from the barista. The barista recorded the order in the cash register. While the customer drove to the window, the barista filled a Venti cup with coffee, put a lid on it, and retrieved the muffin from the pastry case and placed it in a bag. The barista handed the bag with the muffin and the hot coffee to the customer. The customer has an option to pay with cash, credit card, or Starbucks gift card. The customer paid with a gift card. The barista recorded the payment and returned the card along with the…
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