Nixit companys ledger on July 31, its fiscal year end, includes the following selected accounts that have normal balances

Use the following information for the Exercises below. The following information applies to the questions displayed belowJ 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). Sales returns and Merchandise inventory 41,300 $ 5,800 T. Nix, Capita.l T. Nix, Withdrawals Sales sales discounts 122,300 cost of goods sold 107,100 11,000 36,000 5, 000 7,000 Depreciation expense 158,800 Salaries expense 3, 600 Miscellaneous expenses A physical count of its July 31 year-end inventory discloses that the cost of the merchandise inventory still available is $39,800. QS 5-10 Closing entries LO P3 Prepare journal entries to close the balances in temporary revenue and expense accounts, Remember to consider the entry for shrinkage