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These problems are related. Nix lt Company's ledger on July...

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Accounting

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These problems are related.

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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). 5 48,300 132,300 7,000 163, 100 Sales returns and allowances Cost of goods sold (excluding shrinkage) Depreciation expense Salaries expense S 4,800 110,100 12,000 41,000 5,000 Retained earnings Sales Sales discounts A physical count of its July 31 year-end inventory discloses that the cost of the merchandise inventory still available is 544,300. Prepare journal entries to close the balances in temporary revenue and expense accounts. Remember to consider the entry for shrinkage. view transaction list view general journal Journal Entry Worksheet Record the entry to close the temporary revenue and accounts with credit balances. Date General Journal Debit Credit July 31 Enter debits before credits done r entry record entry

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