6. nts 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 $ 124,300 Cost of goods sold 7,000 Depreciation expense 179,000 Salaries expense 3,800 Miscellaneous expenses 5,600 Prepare the company's year-end closing entries. $ 147,700 11,200 1 37,000. 5,000 No 1 Date July 31 Sales Income summary 2 July 311 Income summary Sales discounts Answer is not complete. General Journal Debit 179,000 Credit 179,000 Sales returns and allowances Cost of goods sold 1000 3,800 5,600 107,700