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). Merchandise inventory T. Nix, Capital 1. Nix, Withdrawal. Sales Sales discounts $ 44,300 Sales returns and allowances 128,300 Cost of goods sold 7,000 Depreciation expense 161,100 Salaries expense 4,200 Miscellaneoun expenses $ 5,200 108,900 11,600 39,000 5,000 A physical count of its July 31 year-end inventory discloses that the cost of the merchandise Inventory still available is $42,500 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 from QS 5-9. (The solution from QS 5-9 is required to complete this question.) View transaction that Journal entry worksheet 1 2 > Record the entry to close the income statement accounts with credit balances Note Unter debits before credits