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Business, 08.10.2019 05:10 20warriorsoul14

Nix’it 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). merchandise inventory $ 37,800 sales returns and allowances $ 6,500 retained earnings 115,300 cost of goods sold (excluding shrinkage) 105,000 dividends 7,000 depreciation expense 10,300 sales 160,200 salaries expense 32,500 sales discounts 4,700 miscellaneous expenses 5,000 a physical count of its july 31 year-end inventory discloses that the cost of the merchandise inventory still available is $35,900. prepare journal entries to close the balances in temporary revenue and expense accounts. remember to consider the entry for shrinkage.

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Nix’it company’s ledger on july 31, its fiscal year-end, includes the following selected accounts th...
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