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 (Nix'lt uses the perpetual Inventory system) Merchandise inventory Retained earnings Dividends Sales Sales discounts $ 37,800 Sales returns and allowances 115,300 Cost of goods sold 7,000 Depreciation expense 160,200 Salaries expense 4,700 Miscellaneous expenses $ 6,5ee 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 4-10 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 4-9. (The solution from QS 4-9 is required to complete this question.)