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) S Merchandise inventory Retained earnings Dividends Sales Sales discounts 40,300 120,300 7.000 159,200 3,400 Sales returns and allowances Cost of goods sold Depreciation expense Salaries expense Miscellaneous expenses 6,000 106,500 10,800 35,000 5,000 A physical count of its July 31 year-end Inventory discloses that the cost of the merchandise Inventory still available is $38,900, View transaction list Journal entry worksheet Record the entry to close the income statement accounts with credit balances Note: Enter debits before credits. Date General Journal Debit Credit July 31 Record entry Clear entry View general journal SEN map/indexhtmlcon contextemal bowl 522257 con vork 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 (Nix"It uses the perpetual inventory system). $ Merchandise inventory Retained earnings Dividends Sales Sales discounts $ 40,300 120, 300 7,000 159, 200 3,400 Sales returns and allowances Cost of goods sold Depreciation expense Salaries expense Miscellaneous expenses 6,00 106,500 10,800 35,000 5,000 A physical count of its July 31 year-end inventory discloses that the cost of the merchandise inventor $38,900. -10 Closing entries LO P3 tinn to clor the balances in temnorary revenue and expense accounts. Remember