Check my we Use the following information for the Quick Study below. [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 Retained earnings Dividends Sales Sales discounts $ 44,300 Sales returns and allowances 128, 300 Cost of goods sold 7,000 Depreciation expense 161,100 Salaries expense 4,200 Miscellaneous expenses $ $,20 108,908 11,600 39,000 $.000 A physical count of its July 31 year-end Inventory discloses that the cost of the merchandise inventory still available is $42.500. QS 4-10 Closing entries LO P3 0 P