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 $ $129,300$ Cost of goods sold $ $109,200$

Dividends $7,000$ Depreciation expense $11,700$

Sales $184,000$ Salaries expense $39,500$

Sales discounts $4,300$ Miscellaneous expenses $5,000$

Sales returns and allowances $5,100$

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