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. Prepare the company’s year-end closing entries.

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Retained earnings.. Dividends Sales..... Sales discounts $115,300 7,000 170,000 4,700 Sales returns and allowances. Cost of goods sold..... Depreciation expense Salaries expense Miscellaneous expenses $ 6,500 106,900 10,300 32,500 5,000