Required information [The following information applies to the questions displayed below.) Nix'lt Company's ledger on July 31, its fiscal year-end, includes the following selected accounts that have normal balances (NixIt uses the perpetual inventory system). Merchandise inventory T. Nix, Capital T. Nix, Withdrawals Sales Sales discounts $ 44,300 128, 300 7,000 161, 100 4,200 Sales returns and allowances Cost of goods sold Depreciation expense Salaries expense Miscellaneous expenses $ 5,200 108,900 11,600 39,000 5,000 A physical count of its July 31 year-end inventory discloses that the cost of the merchandise inventory still available is $42,500. 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.) 8