went 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 balance the perpetual inventory system Retained earnings Dividends Sales Sales discounts $ 120,300 Cost of goods sold 7,000 Depreciation expense $106,500 10,600 175,000 Salaries expense 35,000 3,400 Miscellaneous expenses 5,000 6,000 Sales returns and allowances Prepare the company's year-end closing entries View transaction list Journal entry worksheet 2 3 4 Record the entry to close the income statement accounts with debit balances.. Note: Enter debits before credits. Date July 311 General Journal Debit Credit incorne summary JCPenney < Prev 7 of 13 Ne