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Can someone help me prepare the year end closing entries for this accounting problem please QS 4-15 (Static) Closing entries LO P3 Nix't Company's ledger
Can someone help me prepare the year end closing entries for this accounting problem please
QS 4-15 (Static) Closing entries LO P3 Nix't Company's ledger on July 31, its fiscal year-end, includes the following selected accounts that have normal balances. Nixit uses the perpetual inventory system, Retained earnings $ 115,30 Cost of goods sold $ 106,989 Dividends 7,880 Depreciation expense expense 10,300 Sales 170,020 Salaries expense 32,500 Sales discounts 4,700 Miscellaneous expenses Sales returns and allowances 6.See Prepare the company's year-end closing entries. 5,000 View transaction Mat Journal entry worksheet 2 Record the entry to close the income statement accounts with credit balances Note: Enter debits before credits. Credit Date July 31 General Journal Sales Income summary Debit 170,000 170.000 Record entry Clear entry View general Journal QS 4-15 (Static) Closing entries LO P3 Nix'it Company's ledger on July 31, Its fiscal year-end, Includes the following selected accounts that have normal balances. Nixit uses the perpetual inventory system. Retained earnings $115.380 Cost of goods sold $ 106,900 Dividends 7,00 Depreciation expense expense 10,300 Sales 170,880 Salaries expense 32,500 Sales discounts 4,700 Miscellaneous expenses 5.080 sales returns and allowances 6. see Prepare the company's year-end closing entries. View transaction et Journal entry worksheet 2 3 4 > Record the entry to close the income statement accounts with debit balances. Note: Enter debits before credits Debit Credit Date July 31 General Journal Income summary Sales discounts Sales returns and allowances Cost of goods sold Depreciation expense Salaries expense Miscellaneous expenses Popular Tanto QS 4-15 (Static) Closing entries LO P3 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 $ 115,300 cost of goods sold $ 106,900 Dividends 7.880 Depreciation expense expense 10,300 Sales 170,20 Salaries expense 32,see Sales discounts 4,700 Miscellaneous expenses 5,000 Sales returns and allowances 6.500 Prepare the company's year-end closing entries. View transaction Rat Journal entry worksheet Step by Step Solution
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