go.5 QS 4-15 (Algo) Closing entries LO P3Nix'It Company's ledger on July 31, its fiscal year-end, includes the following selected accounts that have normalbalances. Nix'It uses the perpetual inventory system.Retained earningsDividendsSalesSales discountsSales returns and allowancesPrepare the company's year-end closing entries.AView transaction listNo1234DateJuly 31July 31July 31July 31View journal entry worksheetSales$ 127,300 Cost of goods sold7,000 Depreciation expense182,000 Salaries expense4,100 Miscellaneous expenses5,300Income summaryIncome summaryRetained earningsIncome summarySales discountsSales returns and allowancesCost of goods soldDepreciation expenseSalaries expenseMiscellaneous expensesRetained earningsDividendsGeneral Journal$ 108,60011,50038,5005,000Debit182,000122,9007,000Credit182,0004,1005,300108,60011,50038,5005,0007,000

Income Statement is a financial statement that includes revenue earned and expenses incurred during…

QS 4-15 (Algo) Closing entries LO P Nix'It Company's ledger on July 31, its fiscal ye balances. Nix'It uses the perpetual inventory s Retained earnings Dividends Sales Sales discounts Sales returns and allowances View transaction list Prepare the company's year-end closing entrie No 1 Date July 31 $1 1 Sales View journal entry worksh