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Record the entry to close the income statement accounts

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Nix'it Company's ledger on July 21, it's fiscal year-end, includes the following selected accounts that have normal balances (Nix'it uses the perpetual inventory system

Merchandise inventory $ 39,300
T. Nix, Capital $118,300
T. Nix Withdrawals $7,000
Sales $159,600
Sales discounts $3,200
Sales returns and allowances $6,200
Cost of goods sold $105,900
Depreciation expense $10,600
Salaries expense $34,000
Miscellaneous expenses $5,000

Problem 1: Record the entry to close the income statement accounts with debit balances.

Problem 2: Record the entry to close the income statement accounts with debit balances.

Reference no: EM132783504

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