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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).

Sagot :

abiolataiwo2015

The entry to close the income statement account are: Debit Sales $162,100; Credit Income summary $162,100.

Journal entries

Nix’it company’s journal entries

1. July 31

Debit Sales $162,100

Credit Income summary $162,100

(To close sales revenue to income summary)

2. July 31

Debit  Income summary $177,600

Credit Cost of goods sold $111,400

[$109,500+($45,300-$43,400)]

Credit Depreciation expense $11,800

Credit Sales discounts $4,400

Credit Salaries expense $40,000

Credit Miscellaneous expenses $5,000

Credit Sales returns and allowances $5,000

(To close expenses account)

Inconclusion the entry to close the income statement account are: Debit Sales $162,100; Credit Income summary $162,100.

Learn more about income statement here:https://brainly.com/question/24498019

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