QS $4-15($Algo$)$ Closing entries LO P$3$

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 $ $132,300$ Cost of goods sold $ $110,100$

Dividends $7,000$ Depreciation expense $12,000$

Sales $187,000$ Salaries expense $41,000$

Sales discounts $4,600$ Miscellaneous expenses $5,000$

Sales returns and allowances $4,800$

Prepare the company's year$-$end closing entries.