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 T. Nix, Capital T. Nix, Withdrawals Sales Sales discounts $ 46,300 Sales returns and allowances 132,300 Cost of goods sold 7,000 Depreciation expense 163, 100 salaries expense 4,600 Miscellaneous expenses $ 4,800 110,100 12,000 41,000 5,000 A physical count of its July 31 year-end inventory discloses that the cost of the merchandile inventory still available is $44,300 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.) X: 1 Record the entry to close the income statement accounts with credit balances 2. balance Record the entry to close the income statement accounts with debit balances. Cred