(1) Required information [The following information applies to the questions displayed below] Valley Company's adjusted account balances from its general ledger on August 31, Its fiscal year-end, follows. It categorizes the following accounts as selling expenses: sales salaries expense, rent expense- selling space. store Required: Prepare closing entries as of August 31 (the perpetual inventory system is used) Journal entry worksheet Record the entry to close the income statement accounts with credit balances. Required: Prepare closing entries as of August 31 (the perpetual inventory system is used). Journal entry worksheet Record the entry to close income summary. Note: Enter debits before credits. Required: Required: Prepare closing entries as of August 31 (the perpetual inventory system is used). Journal entry worksheet