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). Merchandise inventory Retained earnings Dividends $37,800 115,300 7,e00 160, 200 4,700 Sales returns and allowances Cost of goods sold Depreciation expense Salaries expense Miscellaneous expenses 24 6,500 1e5,e00 10,зее 32,500 Sales Sales discounts 5,e00 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 accoints. Remember to consider the entry for shrinkage from QS 4-9. (The solution from QS 4-9 is required to complete this question.)
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). Merchandise inventory Retained earnings Dividends $37,800 115,300 7,e00 160, 200 4,700 Sales returns and allowances Cost of goods sold Depreciation expense Salaries expense Miscellaneous expenses 24 6,500 1e5,e00 10,зее 32,500 Sales Sales discounts 5,e00 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 accoints. Remember to consider the entry for shrinkage from QS 4-9. (The solution from QS 4-9 is required to complete this question.)
College Accounting (Book Only): A Career Approach
13th Edition
ISBN:9781337280570
Author:Scott, Cathy J.
Publisher:Scott, Cathy J.
Chapter9: Sales And Purchases
Section: Chapter Questions
Problem 7E: Record the following transactions for a perpetual inventory system in general journal form. a. Sold...
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