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  3. 1. record the entry to close the income statement

1. Record the entry to close the income statement accounts with credit balances. 2. Record...

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Accounting

1. Record the entry to close the income statement accounts with credit 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 Dividends account.

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Nix'lt 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. Retained earnings Dividends Sales Sales discounts Sales returns and allowances $ 123,300 Cost of goods sold 7,000 Depreciation expense 178,000 Salaries expense 3,700 Miscellaneous expenses 5,700 $ 107,400 11,100 36,500 5,000 Prepare the company's year-end closing entries. View transaction list Journal entry worksheet 1 2 3 4 > Record the entry to close the income statement accounts with credit balances. Note: Enter debits before credits. General Journal Debit Credit Date July 31 Record entry Clear entry View general journal

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