Requirea information 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 (Nix'It uses the perpetual inventory system). Merchandise inventory T. Nix, Capital T. Nix, Withdrawals Sales Sales discounts $ 38,300 116,300 7,000 160,000 3,000 Sales returns and allowances Cost of goods sold Depreciation expense Salaries expense Miscellaneous expenses $ 6,400 105,300 10,400 33,000 5,000 A physical count of its July 31 year-end inventory discloses that the cost of the merchandise inventory still available is $37,100. Required Information Prepare journal entries to close the balances in temporary revenue and expense accounts. Reme shrinkage from QS 5-9. (The solution from QS 5-9 is required to complete this question.) View transaction list Journal entry worksheet