Adjusted Account Balances Debit Credit Merchandise inventory (ending) $ 30,500 Other (non-inventory) assets 122,000 Total liabilities $ 35,228 K. Valley, Capital 103,147 K. Valley, Withdrawals 8,000 Sales 208,620 Sales discounts 3,192 Sales returns and allowances 13,769 Cost of goods sold 81,497 Sales salaries expense 28,581 Rent expenseSelling space 9,805 Store supplies expense 2,503 Advertising expense 17,733 Office salaries expense 26,078 Rent expenseOffice space 2,503 Office supplies expense 834 Totals $ 346,995 $ 346,995 Beginning merchandise inventory was $24,614. Supplementary records of merchandising activities for the year ended August 31 reveal the following itemized costs. Invoice cost of merchandise purchases $