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NixIt Companys ledger on July 31, its fiscal year-end, includes the following selected accounts that have normal balances (NixIt uses the perpetual inventory system).

Merchandise inventory	$	38,300		Sales returns and allowances	$	6,400
Retained earnings		116,300		Cost of goods sold		105,300
Dividends		7,000		Depreciation expense		10,400
Sales		160,000		Salaries expense		33,000
Sales discounts		3,000		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 $37,100.

QS 4-10 Closing entries LO P3

Prepare journal entries to close the balances in temporary revenue and expense accounts. Remember to consider the entry for shrinkage from QS 4-9. (The solution from QS 4-9 is required to complete this question.)

! Required information Use the following information for the Quick Study below. [The following information applies to the questions displayed below.) Nix'lt Company's ledger on July 31, its fiscal year-end, includes the following selected accounts that have normal balances (Nix'lt uses the perpetual inventory system). Merchandise inventory Retained earnings Dividends Sales Sales discounts $ 38,300 116,300 7,000 160,000 3,000 Sales returns and allowances Cost of goods sold Depreciation expense Salaries expense Miscellaneous expenses $ 6,400 105,300 10,400 33,000 5,000 A physical count of its July 31 year-end inventory discloses that the cost of the merchandise inventory still available is $37,100. Journal entry worksheet 1 > N Record the entry to close the income statement accounts with debit balances. Note: Enter debits before credits. Credit Date July 31 Debit 160,000 General Journal Income summary Sales discounts Cost of goods sold 3,000 105,300