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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
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 $35, 900. Prepare journal entries to close the balances in temporary revenue and expense accounts. Remember to consider the entry for shrinkage
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