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'it uses the perpetual inventory system). Merchandise inventory Retained earnings Dividends Sales Sales discounts $ 38,300 Sales returns and allowances 116,300 Cost of goods sold 7,800 Depreciation expense 160,000 Salaries expense 3,000 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. SHITETSTEST TSITATE Required information Journal entry worksneet 1 > Record the adjustment for inventory shrinkage based on physical count. Note: Enter debits before credits. General Journal Debit Credit Date July 31 Record entry Clear entry View general journal