4 Part 2 of 2 4.16 points Skipped 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 Retained earnings Dividends Sales Debit $ 38,500 Credit 154,000 $ 44,468 75,256 51,825 8,000 263,340 Sales discounts 4,029 Sales returns and allowances 17,380 Cost of goods sold 101,850 eBook Sales salaries expense 36,078 Rent expense-Selling space 12,377 Print Store supplies expense 3,160 Advertising expense 22,384 References Rent expense-Office space Office supplies expense Office salaries expense 32,918 3,160 1,053 Totals $ 434,889 $ 434,889 Beginning merchandise inventory was $31,070. Supplementary records of merchandising activities for the year ended August 31 reveal the following itemized costs. Invoice cost of merchandise purchases Purchases discounts received Purchases returns and allowances Costs of transportation-in $ 113,190 2,377 5,433 3,900 Journal entry worksheet 1 2 3 4 Record the entry to close the income statement accounts with credit balances. Note: Enter debits before credits. Date Aug 31 General Journal Debit Credit View general journal Record entry Clear entry > Record the entry to close the income statement accounts with debit balances. Note: Enter debits before credits. Date Aug 31 General Journal Debit Credit Record entry Clear entry View general journal Journal entry worksheet < 1 2 3 4 Record the entry to close income summary. Note: Enter debits before credits. Date Aug 31 General Journal Debit Credit Record entry Clear entry View general journal > ! Required information Journal entry worksheet < 1 2 3 4 Record the entry to close the Dividends account. Note: Enter debits before credits. Date Aug 31 General Journal Debit Credit View general journal Record entry Clear entry