QS 4-15 (Algo) Closing entries LO P3 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. Retained earnings Dividends Sales Sales discounts Sales returns and allowances $122,300 Cost of goods sold 7,000 Depreciation expense. 177,000 Salaries expense $107,100 11,000 36,000 5,000 3,600 Miscellaneous expenses 5,800 Prepare the company's year-end closing entries. Prepare the company's year-end closing entries. View transaction list View journal entry worksheet No Date General Journal Debit 1 July 31 Sales 177,000 Income summary 2 July 31 Income summary Sales discounts Sales returns and allowances Cost of goods sold Depreciation expense Salaries expense Miscellaneous expenses. 3 July 31 Income summary Retained earnings 4 July 31 Retained earnings Dividends Credit 177,000