Homework Answers
1) Adjusting entry
| Date | General Journal | Debit | Credit |
| July 31 | Cost of goods sold (40300-38900) | 1400 | |
| Merchandise inventory | 1400 | ||
| (To record inventory shrinkage) |
2) Closing entry
| Date | account and explanation | Debit | Credit |
| July 31 | Sales revenue | 159200 | |
| Retained earnings | 159200 | ||
| (Close credit balance ) | |||
| July 31 | Retained earnings | 168100 | |
| Sales return and allowance | 6000 | ||
| Sales discount | 3400 | ||
| Cost of goods sold (106500+1400) | 107900 | ||
| Depreciation expense | 10800 | ||
| Salaries expense | 35000 | ||
| Miscellaneous expense | 5000 | ||
| (Close debit balance) | |||
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Help Save & Exit Submit O Required information The following information applies to the questions displayed below! 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 T. Nix, Capital T. Nix, withdrawals Sales Sales discounts $ 37,800 Sales returns and allowances 115,300 Cost of goods sold 7,000 Depreciation expense 160,200 Salaries expense 4,700 Miscellaneous expenses $ 6,500 105,000 10,300 32,580 5,000 A physical...
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