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Homework answers / question archive / 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)

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)

Finance

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).

    

                Merchandise inventory  $  46,800     Sales returns and allowances $   4,700    Retained earnings   $133,300    Cost of goods sold  $ 110,400    Dividends   7,000    Depreciation expense   12,100    Sales   163,600    Salaries expense   4,700    Sales discounts   $41,500    Miscellaneous expenses   5,000         A physical count of its July 31 year-end inventory discloses that the cost of the merchandise inventory still available is $44,750.

      

Prepare journal entries to close the balances in temporary revenue and expense accounts. Remember to consider the entry for shrinkage.

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