Required information Nix'lt Company's ledger on July 31, its fiscal year-end, includes the following selected accounts that have normal balances (Nix'lt uses the perpetual inventory system) Merchandise inventory Retained earnings Dividends Sales Sales discounts $39,300 Sales returns and allowances $ 6,200 105,900 10,600 34,000 5,000 118,300 Cost of goods sold 7,000 Depreciation expense 159, 600 Salaries expense 3,200 Miscellaneous expenses A physical count of its July 31 year-end inventory discloses that the cost of the merchandise inventory still available is $38,000 Prepare journal entries to close the balances in temporary revenue and expense accounts. Remember to consider the entry for shrinkage Journal entry worksheet Record the entry to close the temporary revenue and accounts with credit balances. Note: Enter debits before credits Date General Journal Debit Credit July 31 Record entry Clear entry View general journal Journal entry worksheet Record the entry to close the temporary expense and accounts with debit balances. Note: Enter debits before credits. Date General Journal Debit Credit July 31 Record ent Clear ent View