QS 5-15 (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. T. Nix, Capital T. Nix, Withdrawals Sales Sales discounts Sales returns and allowances $ 129, 300 Cost of goods sold 7,000 Depreciation expense 184,000 Salaries expense 4,300 Miscellaneous expenses 5,100 $ 109, 200 11,700 39,500 5,000 Prepare the company's year-end closing entries. Journal entry worksheet Record the entry to close the income statement accounts with debit balances. Note: Enter debits before credits. Date General Journal Debit Credit July 31 Journal entry worksheet