QS 4-8 Accounting for shrinkage-perpetual system LO P3 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) $ 4,900 109,800 11,900 40,500 5,000 $ 45,800 Sales returns and allowances Merchandise inventory Retained earnings Dividends Sales Sales discounts 131,300 Cost of goods sold 7,000 Depreciation expense 162,600 Salaries expense 4.500 Miscellaneous expenses A physical count of its July 31 year-end inventory discloses that the cost of the merchandise inventory still available is $43,850. Prepare the entry to record any inventory shrinkage View transaction list Journal entry worksheet Record the adjustment for shrinkage based on physical count. Note: Enter debits before credits Date General Journal Debit Credit July 31