Use the following information for the Quick Study below. [The following information applies to the questions displayed below) NixIt 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 $ 38,800 117, 300 7,000 159,800 3,100 Sales returns and allowances Cost of goods sold Depreciation expense Solaries expense Miscellaneous expenses $ 6,300 105,600 10,50 33,500 5,000 A physical count of its July 31 year-end inventory discloses that the cost of the merchandise inventory still available is $37.550 OS 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 lition from C 1.0 lantarantathle niin