[The following information applies to the questions displayed below.] Nix'lt 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 T. Nix, Capital T. Nix, Withdrawals Sales Sales discounts $ 42,300 124,300 7,000 159, 100 3,800 Sales returns and allowances Cost of goods sold Depreciation expense Salaries expense Miscellaneous expenses $ 5,600 107,700 11,200 37,000 5,000 A physical count of its July 31 year-end inventory discloses that the cost of the merchandise inventory still available is $40,700. Journal entry worksheet Record the entry to close the income statement accounts with credit balances Note: Enter debits before credits. Date General Journal Debit Credit July 31 Record entry Clear entry View general journal Journal entry worksheet