Required information Use the following information for the Quick Study below. [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 (Noxit uses the perpetual inventory system) Merchandise inventory $ 44,389 Sales returns and allowances $ 5,200 T. Nix, Capital 128, 3e Cost of goods sold 188,900 T. Nix, Withdrawals 7,000 Depreciation expense 11,600 Sales 161,100 Salaries expense 39, cee Sales discounts 4,200 Miscellaneous expenses 5,800 A physical count of its July 31 year-end inventory discloses that the cost of the merchandise inventory still available is $42.500 OS 5-10 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 5-9. (The solution from OS 5-9 is required to complete this question) View transaction list Journal entry worksheet 1 2 >