Can you double check my work and explain how to get income summary and retained earnings? Thank you.

00 8 Valley Company's adjusted trial balance 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. Credit 8.75 points Debit $ 42,200 61,490 2 $ 25, 800 16,960 21,200 01:20:12 8,400 225,600 Merchandise inventory (ending) Other (non inventory) assets Total liabilities 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 expense-office space Office supplies expense Totals eBook 2,270 12,000 73,200 32,500 8,600 1,800 13,500 29,500 3,800 300 $289,560 References $289,560 Beginning merchandise inventory was $25,300. 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 $92,100 2,400 4,500 4,900 Required: Prepare closing entries as of August 31 (the perpetual inventory system is used). View transaction list View journal entry worksheet No Date General Journal Debit Credit 1 Aug 31 225,600 Sales Income summary 225,600 2 Aug 31 2,270 12,000 Income summary 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 expense-Office space Office supplies expense 73,000 325,000 8,600 1,800 13,500 29,500 3,800 300 3 Aug 31 Income summary Retained earnings 4 Aug 31 8,400 Retained earnings Dividends 8,400