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Required Information The following information applles to the questions displayed below] Nix't Company's ledger on July 31, its flscal year-end, includes the following selected accounts

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Required Information The following information applles to the questions displayed below] Nix't Company's ledger on July 31, its flscal year-end, includes the following selected accounts that have normal balances (Nix't uses the perpetual inventory system). A physical count of its July 31 year-end inventory discloses that the cost of the merchandise inventory still available is $38,900. Tepare joumal entries to close the balances in temporary revenue and expense accounts. Remember to consider the entry for hrinkage from OS 4-9. (The solution from OS 4-9 is required to complete this question.) Journal entry worksheet 2. Pecord the entry to close the income statement accounts with credit balances Nare: Enker cebuts bedorn anditz Journal entry worksheet Record the entry to dose the income statement accounts with debit balances. Noen Enter debits berore ovedits

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