Business, 07.04.2020 21:37 davia97

Nix'It 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).Merchandise inventory $ 45,800 Sales returns and allowances $ 4,900T. Nix, Capital 131,300 Cost of goods sold 109,800T. Nix, Withdrawals 7,000 Depreciation expense 11,900Sales 162,600 Salaries expense 40,500Sales discounts 4,500 Miscellaneous expenses 5,000A physical count of its July 31 year-end inventory discloses that the cost of the merchandise inventory still available is $43,850Record the entry to close temporary revenue and account with a credit balance.

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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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