Required information Nixit Company's ledger on July 31, ts fiscal year-end, includes the following selected accounts that have normal balanc (Nix'lt uses the perpetual inventory system) Merchandise inventory 37,800 Sales returns and allowances 6,500 T. Nix, Capital T. Nix, Withdrawals Sales Sales discounts 115,300 Cost of goods sold 105,000 10, 300 32,500 5,000 7,000 Depreciation expense 160,200 Salaries expense 4,700 Miscellaneous expenses A physical count of its July 31 year-end inventory discloses that the cost of the merchandise inventory still available is 535,900. [The following information applies to the questions displayed below. Prepare journal entries to close the balances in temporary revenue and expense accounts. Remember to consider the entry for shrinkage View transaction list Journal entry worksheet Journal entry worksheet Record the entry to close the temporary revenue accounts Note: Enter debits before credits. Date General Journ al Debit Credit July 31