Saved Help Save & Exit Submit Check my work Required information (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 $ 46,300 Sales returns and allowances $ 4,800 T. Nix, Capital 132,300 Cost of goods sold 110, 100 T. Nix, Withdrawals 7,000 Depreciation expense 12,000 Sales 163, 100 Salaries expense 41,000 Sales discounts 4,600 Miscellaneous expenses 5,800 A physical count of its July 31 year-end inventory discloses that the cost of the merchandise inventory still available is $44,300. Prepare journal entries to close the balances in temporary revenue and expense accounts. Remember to consider the entry for shrinkage from QS 5-9. (The solution from QS 5-9 is required to complete this question.) View transaction list Journal entry worksheet Prepare journal entries to close the balances in temporary revenue and expense accounts. Remember for shrinkage from QS 5-9. (The solution from QS 5-9 is required to complete this question.) View transaction list Journal entry worksheet