Nix'It Company's ledger on July 31, its fiscal year-end, includes...

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 $ 44,800    Sales returns and allowances$5,100  
  Retained earnings129,300    Cost of goods sold (excluding shrinkage)109,200  
  Dividends7,000    Depreciation expense11,700  
  Sales161,600    Salaries expense39,500  
  Sales discounts4,300    Miscellaneous expenses5,000  

A physical count of its July 31 year-end inventory discloses that the cost of the merchandise inventory still available is $42,950.

Prepare journal entries to close the balances in temporary revenue and expense accounts. Remember to consider the entry for shrinkage.

Please help me with this ! I am in a hurry. Thank you so much !

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