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0 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), 5 Merchandise Snventory Retained earnings Dividends Sales Soles discounts $ 45,00 13,300 7,000 163,600 4,700 Sales returns and allowances Cost of goods sold Depreciation expense Salaries expense Miscellaneous expenses 4,700 110,400 12.100 1,500 A physical count of its July 31 year-end inventory discloses that the cost of the merchandise inventory still available is $44750 QS 4-9 Accounting for shrinkage-perpetual system LO P3 ces Prepare the entry to record any inventory shrinkage. View transaction Journal entry worksheet Record the adjustment for inventory shrinkage based on physical count. ework Sarvod Merchandise Inventory Retained earnings Dividends Sales Sales discounts $46,800 133,300 7,689 163,680 4,700 Sales returns and allowances Cost of goods sold Depreciation expense Salaries expense Miscellaneous expenses $ 4,700 110,400 12,180 41,500 5,000 A physical count of its July 31 year-end inventory discloses that the cost of the merchandise inventory still available is $44,750 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 ences Record the entry to close the income statement accounts with credit balances Note: Enter debits before credits Credit Debit General Journal Date July 31 Record entry Clear entry View general journal 8