Nixlt Company's ledger on July 31, its fiscal year-end, includes the following selected accounts that have normal balances. Nix'lt uses the perpetual inventory system. T. Nix, Capital T. Nix, Withdrawals Sales Sales discounts Sales returns and allowances $ 120, 300 Cost of goods sold 7,000 Depreciation expense 175,000 Salaries expense 3,400 Miscellaneous expenses 6,000 $ 106,500 10,800 35,000 5,000 Prepare the company's year-end closing entries. View transaction list X > 1 Record the entry to close the income statement accounts with credit balances. 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. Credit