Required information Use the following information for the Quick Study below. [The following information applies to the questions displayed below) Nixit 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 $ 38,800 117,300 7,000 159,800 3,100 Sales returns and allowances Cost of goods sold Depreciation expense Salaries expense Miscellaneous expenses $ 6,300 105,600 10,500 33,500 5,eee A physical count of its July 31 year-end inventory discloses that the cost of the merchandise inventory still available is $37.550 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 Cheetan frammars the man