22 voice dated August 19 Tus requested a price reduction on the August 19 sale because the merchandise did not meet specifications. Lowe's sent Tux a S500 credit memorandum toward the $4,000 invoice to re solve the issue Received Tux's cash payment for the amount due from the August 19 sale less the price allow- ance from August 22 Paid Aron Company the amount due from the August I purchase. 29 30 Valley Company's adjusted trial balance on August 31, 2017, its fiscal year-end, follows. blem 4-3A puting merchandising Sunts and formatting me statements P4 Debit Credit $ 41.000 130.400 $ 25,000 10,000 8.000 225.600 Merchandise invertory Other inventory assets. .. To ... Common stock. Retained earnings Dividends ..... Sales .. . Sales discounts Sales returns and allowances...... Cost of goods sold Sales salaries expense... Rent expense-Selling space Store supplies expense.... Advertising expense.............. Office salaries expense... Rent expertise O cepce......... Office Supplies expense... 2250 12.000 74,500 32.000 8.000 1.500 13,000 28.500 $355,150 $355.150 On August 31, 2016, merchandise inventory was $25,400. Supplementary records of merchandising activities for the year ended August 31, 2017, reveal the following itemized costs. Chapter 4 Accounting for Merchandising Operatio Invoice cost of merchandise purchases ......... Purchases discounts received ..... Purchases returns and allowances.... Costs of transportation-in ............ $92,000 2,000 4,500 4,600 the company's net sales for the year. the company's total cost of merchandise purchased for the year. multiple-step income statement that includes separate categories for net sales, cost of g expenses, and general and administrative expenses. ingle-step income statement that includes these expense categories: cost of goods sol, es, and general and administrative expenses. - Valley Company in Problem 4-3A to complete the following requirements