Required information View transaction list Journal entry worksheet Record the entry to close the income statement accounts with credit balances Note: Enter debits before credits. General Journal Debit Credit Date July 31 Record entry Clear entry View general journal 0 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 7,000 Depreciation expense 160,000 Salaries expense 3,000 Miscellaneous expenses $ 6,400 185,300 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 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 OS 4-9. (The solution from OS 4-9 is required to complete this question.) View transaction list Journal entry worksheet 2