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Prepare journal entries to close balances

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Question - 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

$44,800

Sales returns and allowances

$5,100

Retained earnings

129,300

Cost of goods sold (excluding shrinkage)

109,200

Dividends

7,000

Depreciation expense

11,700

Sales

161,600

Salaries expense

39,500

Sales discounts

4,300

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 $42,950.

Prepare journal entries to close the balances in temporary revenue and expense accounts. Remember to consider the entry for shrinkage.

Reference no: EM132074188

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