Help Required information 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 $ 43,880 Sales returns and allowances $ 5,300 T. Nix, Capital 127,380 Cost of goods sold 108,600 T. Nix, Withdrawals 7,000 Depreciation expense 11,500 Sales 160,600 Salaries expense 38,500 Sales discounts 4,100 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 $42,050 QS 5-9 Accounting for shrinkage-perpetual system LO P3 Prepare the entry to record any inventory shrinkage. View transaction list Journal entry worksheet Journal entry worksheet Record the adjustment for inventory shrinkage based on physical count. Note: Enter debits before credits. Date General Journal Debit Credit July 31 Record entry Clear entry View general journal Required Information 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 $ 43,800 Sales returns and allowances $ 5,300 T. Nix, Capital 127,308 Cost of goods sold 108,600 T. Nix, withdrawals 7,000 Depreciation expense 11,500 Sales 160,600 Salaries expense 38,500 Sales discounts 4,100 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 $42,050 QS 5-10 Closing entries LO P3 View transaction list Journal entry worksheet >