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 $ 130,300 Cost of goods sold 7,000 Depreciation expense 185,000 Salaries expense 4,400 Miscellaneous expenses 5,000 Prepare the company's year-end closing entries. View transaction list Journal entry worksheet < 3 4 Record the entry to close the income statement accounts with credit balances. Note: Enter debits before credits General Journal Debit Credit 185,000 185,000 Date July 31 Sales Income summary $ 109,500 11,800 40,000 5,000