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 (Nix'lt uses the perpetual inventory system). Merchandise inventory Retained earnings Dividends Sales Sales discounts $ 44,800 Sales returns and allowances 129,300 Cost of goods sold 7,000 Depreciation expense 161,600 Salaries expense 4,300 Miscellaneous expenses $ 5, 100 109,200 11,700 39,500 5,000 A physical count of its July 31 year-end inventory discloses that the cost of the merchandise inventory still available is $42,950. Prepare journal entries to close the balances in temporary revenue and expense accounts. Remember to consider the entry for shrinkage from QS 4-11. View transaction list Journal entry worksheet 1 2 Record the entry to close the income statement accounts with credit balances Note: Enter debits before credits. General Journal Debit Credit Date July 31 Record entry Clear entry View general journal ! 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 (Nix'it uses the perpetual inventory system). Merchandise inventory Retained earnings Dividends Sales Sales discounts $ 44,800 Sales returns and allowances 129,300 Cost of goods sold 7,000 Depreciation expense 161,600 Salaries expense 4,300 Miscellaneous expenses $ 5,100 109,200 11,700 39,500 5,000 A physical count of its July 31 year-end inventory discloses that the cost of the merchandise inventory still available is $42,950. Prepare journal entries to close the balances in temporary revenue and expense accounts. Remember to consider the entry for shrinkage from QS 4-11. View transaction list Journal entry worksheet 1 2 > Record the entry to close the income statement accounts with debit balances. Note: Enter debits before credits. . General Journal Debit Credit Date July 31 Record entry Clear entry View general Journal