NixIt Companys ledger on July 31, its fiscal year-end, includes the following selected accounts that have normal balances (NixIt uses the perpetual inventory system).

Merchandise inventory $ 37,800 Sales returns and allowances $ 6,500

Retained earnings 115,300 Cost of goods sold 105,000

Dividends 7,000 Depreciation expense 10,300

Sales 160,200 Salaries expense 32,500

Sales discounts 4,700 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 $35,900. [The following information applies to the questions displayed below.]

iew transaction list Journal entry worksheet Record the entry to close the temporary revenue accounts. Note: Enter debits before credits. Date General Journal Debit Credit July 31 Record entry Clear entry general journal