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. Prepare the company's year-end closing entries. Record the entry to close the income statement accounts with credit balances. Record the entry to close the income statement accounts with debit balances. Record the entry to close the Income Summary account. Record the entry to close the Dividends account