[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 balan (Nix"It uses the perpetual inventory system) Merchandise inventory $ 45,800 Sales returns and allowances $ 4,900 T. Nix, Capital 131,300 Cost of goods sold 109,800 T. Nix, Withdrawals 7,000 Depreciation expense 11,900 Sales 162,600 Salaries expense 40,500 Sales discounts 4,500 Miscellaneous expenses 5,000 A physical count of its July 31 year-end inventory discloses that the cost of the merchandise inventory still available is $43,850. QS 5-10 Closing entries LO P3 Prepare journal entries to close the balances in temporary revenue and expense accounts. Remember to consider the entry shrinkage from QS 5-9. (The solution from QS 5-9 is required to complete this question.) View transaction list Journal entry worksheet 1 2 Record the entry to close the income statement accounts with credit balances Journal entry worksheet of 9