Nix'lt Company's ledger on July 31, its fiscal year-end, includes the following selected accounts that have normal balances (Nix'lt uses the perpetual inventory system). Merchandise inventory Retained earnings Dividends $37,800 115,300 7,e00 160, 200 4,700 Sales returns and allowances Cost of goods sold Depreciation expense Salaries expense Miscellaneous expenses 24 6,500 1e5,e00 10,зее 32,500 Sales Sales discounts 5,e00 A physical count of its July 31 year-end inventory discloses that the cost of the merchandise inventory still available is $35,900. Prepare journal entries to close the balances in temporary revenue and expense accoints. Remember to consider the entry for shrinkage from QS 4-9. (The solution from QS 4-9 is required to complete this question.)

FINANCIAL ACCOUNTING
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ISBN:9781259964947
Author:Libby
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Chapter1: Financial Statements And Business Decisions
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of 2
[The following information applies to the questions displayed below.]
Nix'lt Company's ledger on July 31, its fiscal year-end, includes the following selected accounts that have normal
balances (Nix'lt uses the perpetual inventory system).
Merchandise inventory
Retained earnings
Dividends
Sales
$ 37,800
Sales returns and allowances
Cost of goods sold
Depreciation expense
Salaries expense
Miscellaneous expenses
$ 6,500
105,000
10,300
32,500
5,000
ped
115,300
7,e00
160, 200
4,700
Sales discounts
pok
int
A physical count of its July 31 year-end inventory discloses that the cost of the merchandise inventory still available is
$35,900.
rint
rences
Prepare journal entries to close the balances in temporary revenue and expense accoints. Remember to consider the entry for
shrinkage from QS 4-9. (The solution from QS 4-9 is required to complete this question.)
< Prev
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of 14
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In
Fn
Lock
F10
F11
F12
F4
EZ
F7
F8
F9
28
F5
F6
Transcribed Image Text:! Required information of 2 [The following information applies to the questions displayed below.] Nix'lt Company's ledger on July 31, its fiscal year-end, includes the following selected accounts that have normal balances (Nix'lt uses the perpetual inventory system). Merchandise inventory Retained earnings Dividends Sales $ 37,800 Sales returns and allowances Cost of goods sold Depreciation expense Salaries expense Miscellaneous expenses $ 6,500 105,000 10,300 32,500 5,000 ped 115,300 7,e00 160, 200 4,700 Sales discounts pok int A physical count of its July 31 year-end inventory discloses that the cost of the merchandise inventory still available is $35,900. rint rences Prepare journal entries to close the balances in temporary revenue and expense accoints. Remember to consider the entry for shrinkage from QS 4-9. (The solution from QS 4-9 is required to complete this question.) < Prev 12 of 14 Next > In Fn Lock F10 F11 F12 F4 EZ F7 F8 F9 28 F5 F6
Journal entry worksheet
<>
Record the entry to close the income statement accounts with credit balances.
Note: Enter debits before credits.
Date
General Journal
Debit
Credit
July 31
ces
...
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of 14
Transcribed Image Text:Journal entry worksheet <> Record the entry to close the income statement accounts with credit balances. Note: Enter debits before credits. Date General Journal Debit Credit July 31 ces ... < Prev Next > 12 of 14
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