! 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 discounta $ 37,800 Sales returns and allowancen 115,300 Cost of goods sold 7,000 Depreciation expense 160,200 Salaries expense 4,700 Miscellaneous expenses $ 6,500 105,000 10,300 32,500 5,000 A physical count of its July 31 year-end Inventory discloses that the cost of the merchandise inventory still available is $35,900 QS 4-9 Accounting for shrinkage-perpetual system LO P3 Prepare the entry to record any inventory shrinkage. Answer is complete but not entirely correct. No Date 1 Credit July 31 General Journal Cost of goods sold Merchandise inventory Debit 105,000 105,000 3