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Journal entries to close the balances in temporary revenue

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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  $  41,300     Sales returns and allowances $ 5,800  
  Retained earnings   122,300     Cost of goods sold (excluding shrinkage)   107,100  
  Dividends   7,000     Depreciation expense   11,000  
  Sales   158,800     Salaries expense   36,000  
  Sales discounts   3,600     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 $39,800.

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

Reference no: EM131762581

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