please answer the following questions

Nix'lt 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. T. Nix, Capital $ 115,300 Cost of goods sold 106,900 T. Nix, Withdrawals 7,000 Depreciation expense expense 10,300 Sales 170,000 Salaries expense 32,500 Sales discounts 4,700 Miscellaneous expenses 5,000 Sales returns and allowances $ 6,500 Prepare the company's year-end closing entries. . 1 Record the entry to close the income statement accounts with credit balances. 2 Record the entry to close the income statement accounts with debit balances. 3 Record the entry to close the Income Summary account. 4 Record the entry to close the Withdrawals account. 1 > 3 N 4 Record the entry to close the income statement accounts with credit balances. Note: Enter debits before credits. Credit Date General Journal Debit 170,000 July 31 Sales Income summary 170,000