! Required information [The following information applies to the questions displayed below.) 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 Retained earnings Dividends Sales Sales discounts $ 41,800 Sales returns, and allowances 123,300 Cost of goods sold 7,000 Depreciation expense 158, 600 Solaries expense 3.700 Miscellaneous expenses $ 5,700 107,400 11, 100 36,500 5,000 A physical count of its July 31 year-end inventory discloses that the cost of the merchandise inventory still available is $40,250 Prepare journal entries to close the balances in temporary revenue and expense accounts. Remember to consider the entry for shrinkage from OS 4-9. (The solution from OS 4-9 is required to complete this question.) Required information Journal entry worksheet Journal entry worksheet