(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'lt uses the perpetual inventory system). Merchandise inventory Retained earnings Dividends Sales Sales discounts $ 44,300 128, 300 7,000 161,100 4,200 Sales returns and allowances Cost of goods sold Depreciation expense Salaries expense Miscellaneous expenses $ 5,200 108,900 11,600 39,000 5,000 A physical count of its July 31 year-end inventory discloses that the cost of the merchandise inventory still available is $42,500. S 4-9 Accounting for shrinkage- perpetual system LO P3 epare the entry to record any inventory shrinkage. Answer is complete and correct. No Date General Journal Debit Credit 1 July 31 1,800 Cost of goods sold Merchandise inventory 1,800 Use the following information for the Quick Study below. (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 (Nixlt uses the perpetual inventory system). Merchandise inventory Retained earnings Dividends Sales Sales discounts $ 44,300 128,300 7,000 161,100 4,200 Sales returns and allowances Cost of goods sold Depreciation expense Salaries expense Miscellaneous expenses $ 5,200 108,900 11,600 39,000 5,000 A physical count of its July 31 year-end inventory discloses that the cost of the merchandise inventory still available is $42,500. QS 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 QS 4-9 is required to complete this question.)