Nix'It Company's ledger on July 31, its fiscal year-end, includes the following selected accounts that have...

 

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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 Sales Sales discounts Sales returns and allowances $ 119,300 Cost of goods sold 7,000 Depreciation expense 174,000 Salaries expense 3,300 Miscellaneous expenses 6,100 Prepare the company's year-end closing entries. $ 106,200 10,700 34,500 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 Sales Sales discounts Sales returns and allowances $ 119,300 Cost of goods sold 7,000 Depreciation expense 174,000 Salaries expense 3,300 Miscellaneous expenses 6,100 Prepare the company's year-end closing entries. $ 106,200 10,700 34,500 5,000

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