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 warnings Dividends Sales Sales discounts $ 38,300 Sales returns and allowances 116,300 Cost of goods sold 7,000 Depreciation expense 160,000 Salaries expense 3,000 Miscellaneous expenses 5 6,400 105,30 10,4 33,000 5,000 A physical count of its July 31 year-end Inventory discloses that the cost of the merchandise Inventory still available is $37100. Answer is complete but not entirely correct. Date General Journal Debit Credit July 31 160,000 Sales Income summary Retained earnings 160,000 116,300 $ 38 300 Merchandise inventory July 31 116,300 Retained earnings Dividends Sales discounts Sales returns and allowances Cost of goods sold Depreciation exponse Salaries expense Miscellaneous expenses O 7,000 & 3,000 6,400 105,500 10,400 33,000 5,000 Required information Journal entry worksheet Record the entry to close the income statement accounts with credit balances Note: Enter debits before credits 1 Date General Journal Debit Credit nces July 31 160,000 Sales Income summary Retained earnings Merchandise inventory 160 000 116,300 38,300 Record entry Clear entry View general Journal t 2 of 2 Journal entry worksheet