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 earnings		129,300	Cost of goods sold (excluding shrinkage)		109,200
Dividends		7,000	Depreciation expense		11,700
Sales		161,600	Salaries expense		39,500
Sales discounts		4,300	Miscellaneous expenses		5,000

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.

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