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! Required information Use the following information for Quick Studies below. (Algo) (The following information applies to the questions displayed below.) Nix'lt Company's ledger on July 31, its fiscal year-end, includes the following selected accounts that have normal balances (Nix'lt uses the perpetual inventory system). Merchandise inventory Retained earnings Dividends Sales Sales discounts $ 38,800 117,300 7,000 159,800 3,100 Sales returns and allowances Cost of goods sold Depreciation expense Salaries expense Miscellaneous expenses $ 6,300 105,600 10,500 33,500 5,000 A physical count of its July 31 year-end inventory discloses that the cost of the merchandise inventory still available is $37,550. QS 4-12 (Algo) Closing entries LO P3 Prepare journal entries to close the balances in temporary revenue and expense accounts. Remember to consider the entry for shrinkage from QS 4-11. View transaction list Journal entry worksheet Record the entry to close the income statement accounts with debit balances. Note: Enter debits before credits. General Journal Debit Credit Date July 31 Record entry Clear entry View general journal