Required information Use the following information for the Quick Study 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 s 37, 800 Sales returns and allowances6,500 105,000 10, 300 32,500 s, 000 115, 300 Cost of goods sold 7,000 Depreciation expense 160, 200 Salaries expense 4, 700 Miscellaneous expenses A physical count of its July 31 year-end inventory discloses that the cost of the merchandise inventory still available is S35,900. [The following information applies to the questions displayed below] 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 Answer is complete but not entirely correct. No Date General Journal Debit Credit July 31 160,200 Sales 60.200 Income summary 165,700 July 31 Income summary Sales discounts Sales returns and allowances Cost of goods sold Depreciation expense Salaries expense Miscellaneous expenses ,700 6,500 105,000 0,300 2,500 5,000