Answered Essay: Nix'lt Company's ledger on July 31, its fiscal year-end, includes the following selected accounts that have normal ba

Nixlt Companys ledger on July 31, its fiscal year-end, includes the following selected accounts that have normal balances (Nixlt uses the perpetual inventory system) Merchandise inventory Retained eanings Dividends Sales Sales refund payable $ 4,600 110,700 12,200 42,000 5,000 $ 47,300 Inventory returns estimated 134,300 Cost of goods sold 7,000 Depreciation expense 164,100 Salaries expense 4,800 Miscellaneous expenses A physical count of its July 31 year-end inventory discloses that the cost of the merchandise inventory available is $45,200. 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 DebitCredit July 31 ales 164,100 Record entry Clear entry View general journal

Nix’lt Company’s ledger on July 31, its fiscal year-end, includes the following selected accounts that have normal balances (Nix’lt uses the perpetual inventory system). A physical count of its July 31 year-end inventory discloses that the cost of the merchandise inventory available is $45,200. Prepare the entry to record any inventory shrinkage.

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