QS 4-15 (Algo) 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 Dividends Sales Sales discounts Sales returns and allowances $ 131,300 Cost of goods sold 7,000 Depreciation expense 186,000 Salaries expense 4,500 Miscellaneous expenses 4,900 Prepare the company's year-end closing entries. No Date 1 July 31 Sales Income summary 2 July 31 Income summary $ 109,800 11,900 40,500 5,000 Answer is not complete. General Journal Debit 186,000 Credit 186,000 Sales discounts Sales returns and allowances Cost of goods sold Depreciation expense Salaries expense Miscellaneous expenses 3 July 31 Retained earnings Income summary 4 July 31 Dividends 186,000 4,500 4,900 109,800 11,900 40,500 5,000 131,300 x 7,000