2 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 supplies expense, and advertising expense. It categorizes the remaining expenses as general and administrative. Adjusted Account Balances Merchandise inventory (ending) Other (non-inventory) assets Total liabilities Common stock Debit $ 41,000 Credit 130,400 $ 25,000 Retained earnings 10,000 94,550 Dividends 8,000 Sales 225,600 Sales discounts 2,250 Sales returns and allowances. 12,000 Cost of goods sold 74,500 Sales salaries expense 32,000 Rent expense-Selling space 8,000 Store supplies expense 1,500 Advertising expense 13,000 Office salaries expense 28,500 Rent expense-Office space 3,600. office supplies expense 400 $ $ Totals 355,150 355,150 Beginning merchandise inventory was $25,400. Supplementary records of merchandising activities for the year ended August 31 reveal the following itemized costs. Invoice cost of merchandise. purchases Purchases discounts received $ 92,000 2.000 < Prev 2 of 3 Next >