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Required information Use the following information for the Exercises below. (The following information applies to...

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Accounting

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Required information Use the following information for the Exercises 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 T. Nix, Capital T. Nix, Withdrawals Sales Sales discounts $ 46,300 Sales returns and allowances 132,300 Cost of goods sold 7,000 Depreciation expense 163,100 Salaries expense 4,600 Miscellaneous expenses $ 4,800 110.100 12,000 41,000 5,000 A physical count of its July 31 year-end inventory discloses that the cost of the merchandise inventory still available is $44,300 QS 5-9 Accounting for shrinkage-perpetual system LO P3 Prepare the entry to record any inventory shrinkage. View transaction list Journal entry worksheet Record the adjustment for inventory shrinkage based on physical count. Note: Enter debits before credits. Date General Journal Credit Debit 2,000 7 July 31 Cost of goods sold Merchandise Inventory 2.000 Record entry Clear entry View general Journal

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