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). $ 6,300 Merchandise inventory Retained earnings Dividends $38,800 117,300 7,000 159,800 3,100 Miscellaneous expenses Sales returns and allowances Cost of goods sold Depreciation expense Salaries expense 105,600 10,500 33,500 5,000 Sales Sales discounts A physical count of its July 31 year-end inventory discloses that the cost of the merchandise inventory still available is $37,550. QS 4-10 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.) View transaction list Journal entry worksheet K 1 2 Record the entry to close the income statement accounts with credit balances Note: Enter debits before credits. Debit Date General Journal Credit July 31 Record entry Clear entry View general journal 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'lt uses the perpetual inventory system). $ 38,800 Sales returns and allowances 117,300 Cost of goods sold 7,000 Depreciation expense 159,800 Salaries expense 3,100 $ 6,300 105,600 10,500 33,500 5,000 Merchandise inventory Retained earnings Dividends Sales Miscellaneous expenses Sales discounts A physical count of its July 31 year-end inventory discloses that the cost of the merchandise inventory still available is $37,550 QS 4-10 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.) View transaction list Journal entry worksheet