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 $ 47,300 Sales returns and allowances 134,300 Cost of goods sold 7,000 Depreciation expense 164, 100 salaries expense 4,800 Miscellaneous expenses $ 4,500 110,700 12,200 42,000 5,000 A physical count of its July 31 year-end inventory discloses that the cost of the merchandise inventory still available is $45,200. 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 OS 4-9 is required to complete this question.)