Required information Use the following information for the Quick Study below. [The following information applies to the questions displayed below.] Nix'lt 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 Sales returns and allowances 117,300 Cost of goods sold 7,000 Depreciation expense 159,800 Salaries expense 3,100 Miscellaneous expenses 6,300 105,600 10,500 33,500 5,000 A physical count of its July 31 year-end inventory discloses that the cost of the merchandise inventory still available is $37,550. QS 4-9 Accounting for shrinkage- perpetual system LO P3 Prepare the entry to record any inventory shrinkage. View transaction list Journal entry worksheet