Answer Happy

Nixxi 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 $ 124,300 Cost of goods sold 7,000 Depreciation expense 179,000 Salaries expense 3,800 Miscellaneous expenses 5,600 $ 107,700 11,200 37,000 5,000 Prepare the company's year-end closing entries.

No Date General Journal Debit Credit 1 July 31 Sales 179,000 Income summary 179,000 2 July 31 Income summary 170,300 Sales discounts Sales returns and allowances Cost of goods sold Depreciation expense Salaries expense Miscellaneous expenses 3,800 5,600 107,700 11,200 37,000 5,000 3 July 31 $ 9,300 T. Nix, Capital Income summary 9,300 4 July 31 $ 7,000 T. Nix, Capital T. Nix, Withdrawals 7,000