Nix'lt 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 T. Nix, Withdrawals Sales Sales discounts $ 45,800 Sales returns and allowances 131,300 cost of goods sold 7,eee Depreciation expense 162,600 Salaries expense 4,500 Miscellaneous expenses $ 4,900 109, 80e 11,900 40, see 5,000 A physical count of its July 31 year-end inventory discloses that the cost of the merchandise inventory still available is $43,850 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.) Journal entry worksheet Record the entry to close the income statement accounts with credit balances Note: Enter debits before credits. Date General Journal Debit Credit July 31 Journal entry worksheet