NixIt

Required information [The following information applies to the questions displayed below) 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 T. Nix, Capital T. Nix, withdrawals Sales Sales discounts $ 45,300 130,300 7,000 162,100 4,480 Sales returns and allow Cost of goods sold Depreciation expense Salaries expense Miscellaneous expen 5,000 109,500 11,80e 40,000 5,000 A physical count of its July 31 year-end inventory discloses that the cost of the merchandise inventory still available is $43.400 Required information Journal entry worksheet Record the entry to close the income statement accounts with credit balances Note: Enter debits before credits. General Journal Debit Credit Date July 31 Record entry View general journal Clear entry