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 $ 37,800 115,300 7,000 160,200 4,700 Sales returns and allowancea Coat of goods sold Depreciation expense Salaries expense Miscellaneous expenses $ 6,500 105,000 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 4-9 Accounting for shrinkage-perpetual system LO P3 Prepare the entry to record any inventory shrinkage. View transaction list View Journal entry worksheet No Date General Journal Credit Debit 159,100 1 July 31 Depreciation expense Dividends 159,100 6