Required information Use the following information for the Quick Study below. The following information applies to the questions displayed below) Nixt Company's ledger on July 31, its fiscal year-end, includes the following selected accounts that have normal belances (Nix'it uses the perpetual inventory system) Merchandise inventory Retained earnings Dividends Sales Sales discounts $ 44,800 Sales returns and allowances 129,308 Cost of goods sold 7,000 Depreciation expense 161,600 Salaries expense 4,300 Miscellaneous expenses $ 5,100 109, 200 11,700 39,5ee 5, eee A physical count of its July 31 year-end inventory discloses that the cost of the merchandise inventory stil available is $42.950. OS 4-10 Closing entries LO P3 Prepare journal entries to close the balances in temporary revenue and expense accounts. Remember to consider the entry for shrinkage from QS 4-9. (The solution from OS 4-9 is required to complete this question.) View transaction list Journal entry worksheet > Record the entry to dose the income statement accounts with credit balances Note: Enter debits before credits. Date General Journal July 31 Cost of goods sold Merchandise inventory Credit Debit 1,850 1.850 Record entry View general journal Clear entry Required information Use the following information for the Quick Study below. [The following information applies to the questions displayed below) Nix Tt 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 Sales returns and $ 44,800 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 OS 4-10 Closing entries LO P3 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.) View transaction list Journal entry worksheet 2 Record the entry to close the income statement accounts with debit balances. Note: Enter debits before credits. Date General Journal July 31 income summary Debit Credit Record entry View general Journal Required information Use the following information for the Quick Study below. {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 $ 44,800 Sales returns and allowances 129, 300 cost of goods sold 7,000 Depreciation expense 161,600 Salaries expense 4,300 Miscellaneous expenses $ 5,100 199,200 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. QS 4-9 Accounting for shrinkage-perpetual system LO P3 Prepare the entry to record any inventory shrinkage. View transaction list Journal entry worksheet 1 > Record the adjustment for inventory shrinkage based on physical count. Note: Enter debits before credits. Date General Journal Debit Credit July 31 Record entry View general journal Clear entry