please answer within the format by providing formula the detailed workingPlease provide answer in text (Without image)Please provide answer in text (Without image)Please provide answer in text (Without image) QS 5-6 Accounting for shrinkage - perpetual systemNix'It Company's ledger on July 31, its financial year-end, includes the following selected accounts thathave normal balances (Nix'It uses the perpetual inventory system).Merchandise inventory ........ $ 34,800T. Nix, Capital ......115,300T. Nix, Withdrawals .....7,000157,2001,700Sales .......Sales discounts ..Sales returns and allowancesCost of goods sold ...Depreciation expense.Salaries expense ....Miscellaneous expenses$ 3,500102,0007,30029,5002,000A physical count of its July 31 year-end inventory discloses that the cost of the merchandise inventory stillavailable is $32,900. Prepare the entry to record any inventory shrinkage.QS 5-7 Closing entriesRefer to QS 5-6 and prepare journal entries to close the balances in temporary revenue and expenseaccounts. Remember to consider the entry for shrinkage that is made to solve QS 5-6.

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Description: please answer within the format by providing formula the detailed workingPlease provide answer in text (Without image)Please provide answer in text (Without image)Please provide answer in text (Without image) QS 5-6 Accounting for shrinkage - perpetu

Closing entries are required to close the temporary accounts after making financial (Income…

Business

Accounting

QS 5-6 Accounting for shrinkage - perpetual system Nix'It Company's ledger on July 31, its financial year-end, includes the following selected accounts that have normal balances (Nix'It uses the perpetual inventory system). Merchandise inventory T. Nix, Capital. T. Nix, Withdrawals Sales. Sales discounts $ 34,800 115,300 7,000 157,200 1,700 QS 5-7 Closing entries Sales returns and allowances Cost of goods sold Depreciation expense Salaries expense Miscellaneous expenses $ 3,500 102,000 7,300 29,500 2,000 A physical count of its July 31 year-end inventory discloses that the cost of the merchandise inventory still available is $32,900. Prepare the entry to record any inventory shrinkage. Refer to QS 5-6 and prepare journal entries to close the balances in temporary revenue and expense accounts. Remember to consider the entry for shrinkage that is made to solve QS 5-6.

QS 5-6 Accounting for shrinkage - perpetual system Nix'It Company's ledger on July 31, its financial year-end, includes the following selected accounts that have normal balances (Nix'It uses the perpetual inventory system). Merchandise inventory T. Nix, Capital. T. Nix, Withdrawals Sales. Sales discounts $ 34,800 115,300 7,000 157,200 1,700 QS 5-7 Closing entries Sales returns and allowances Cost of goods sold Depreciation expense Salaries expense Miscellaneous expenses $ 3,500 102,000 7,300 29,500 2,000 A physical count of its July 31 year-end inventory discloses that the cost of the merchandise inventory still available is $32,900. Prepare the entry to record any inventory shrinkage. Refer to QS 5-6 and prepare journal entries to close the balances in temporary revenue and expense accounts. Remember to consider the entry for shrinkage that is made to solve QS 5-6.

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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