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)

A physical count of its July 31 year-end inventory discloses that the cost of the merchandise inventory still available is $32,900. Prepare the entry to record any inventoryshrinkage.

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T. Nix. Capital T. Nix. Withdrawals... Sales Sales discounts Merchandise inventory 34800 Sales returns and allowances$ 3,500 5.300 Cost of goods sold .102000 7,300 29,500 2,000 7000 Depreciation expense. .. 70 Salaries expense