journal entry!

Required information Use the following information for Quick Studies below. (Algo) [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). A physical count of its July 31 year-end inventory discloses that the cost of the merchandise inventory still available is $39,350. 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. Journal entry worksheet Record the entry to close the income statement accounts with credit balances Required information Use the following information for Quick Studies below. (Algo) [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 balan (Nix'lt uses the perpetual inventory system). A physical count of its July 31 year-end inventory discloses that the cost of the merchandise inventory still available is $39,350. SS 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 shrinkage from QS 4-11. Journal entry worksheet Record the entry to close the income statement accounts with debit balances