Nix'It Company's ledger on July 31, its fiscal year-end, includes the following selected accounts that have normal balances. Nix'It usesthe perpetual inventory system.Retained earningsDividendsSalesSales discountsSales returns and allowancesPrepare the company's year-end closing entries.View transaction listJournal entry worksheet12DateJuly 313 4Record the entry to close the income statement accounts with credit balances.Note: Enter debits before credits.$ 120,300 Cost of goods sold7,000 Depreciation expense175,000 Salaries expense3,400 Miscellaneous expenses6,000Record entryGeneral JournalClear entryDebitCredit$ 106,50010,80035,0005,000View general journal>

Name: Nix'It Company's ledger on July 31, its fiscal year-end, includes the
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Description: Nix'It Company's ledger on July 31, its fiscal year-end, includes the following selected accounts that have normal balances. Nix'It usesthe perpetual inventory system.Retained earningsDividendsSalesSales discountsSales returns and allowancesPrepare

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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 $ 120,300 Cost of goods sold 7,000 Depreciation expense 175,000 Salaries expense 3,400 Miscellaneous expenses 6,000 Sales Sales discounts Sales returns and allowances Prepare the company's year-end closing entries. $ 106,500 10,800 35,000 5,000

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 $ 120,300 Cost of goods sold 7,000 Depreciation expense 175,000 Salaries expense 3,400 Miscellaneous expenses 6,000 Sales Sales discounts Sales returns and allowances Prepare the company's year-end closing entries. $ 106,500 10,800 35,000 5,000

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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