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Required information Use the following information for Quick Studies below. (Static) [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 balances (Nix'it uses the perpetual Inventory system) Merchandise inventory Retained earnings Dividends Sales Sales discounts $ 37,800 115,300 7,000 160,200 4,700 Sales returns and allowances Cost of goods sold Depreciation expense Salaries expense Miscellaneous expenses $ 6,500 105,000 10,300 32,500 5,000 A physical count of its July 31 year-end inventory discloses that the cost of the merchandise inventory still available is $35.900. QS 4-12 (Static) 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 4-11. Prepare journal entries to close the balances in temporary revenue and expense accounts. Remember to consider the entry for shrinkage from QS 4-11 View transaction list Journal entry worksheet 1 Record the entry to close the income statement accounts with credit balances. Note: Enter debits before credits Debit Credit Date General Journal July 31