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QS 4-9 Closing entries LO P3 Nix’It Company’s ledger on July 31,its fiscal year-end, includes the following selected accounts thathave normal balances (Nix’It uses the perpetual inventory system).Merchandise inventory $ 44,800 Sales returns and allowances $ 5,100Retained earnings 129,300 Cost of goods sold (excluding shrinkage)109,200 Dividends 7,000 Depreciation expense 11,700 Sales 161,600Salaries expense 39,500 Sales discounts 4,300 Miscellaneousexpenses 5,000 A physical count of its July 31 year-end inventorydiscloses that the cost of the merchandise inventory stillavailable is $42,950. Prepare journal entries to close the balancesin temporary revenue and expense accounts. Remember to consider theentry for shrinkage.

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Jamar Ferry
Jamar FerryLv2
28 Sep 2019

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