Requlred Informetlon 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 $5,58e 188,8ee 11,388 37,588 5,8e8 $42,88e Sales returns and allowances Cost of goods sold 125, 3 7,98e Depreciation expense 159,68e Salaries expense 3,98e Miscellaneous expenses A physical count of its July 31 year-end inventory discloses that the cost of the merchandise inventory still available is $41150. Prepare journal entries to close the balances in temporary revenue and expense accounts. Remember to consider the entry for shrinkage. View transaction list Journal entry worksheet Record the entry to close the temporary revenue and accounts with credit balances. Note: Enter debits before credits. Date General Journal Debit Credit July 31 Record entry Clear entry View general journal