Check my w 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. Debit $ 42,100 63,298 Credit Merchandise inventory (ending) Other (noninventory) assets Total liabilities $ 25,300 16,960 Common stock Retained earnings Dividends Sales 21,200 8,400 226,200 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 2,270 14,000 72,600 31,500 8,600 1,400 13,500 28,400 3,300 300 Totals $289,660 $289,660 Beginning merchandise inventory was $26,000. Supplementary records of merchandising activities for the year ended August 31 reveal the following itemized costs. office supplies expense 300 Totals $289,660 $289,660 Beginning merchandise inventory was $26,000. 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 $91,000 2,400 4,500 4,600 Required: Prepare closing entries as of August 31 (the perpetual inventory system is used). View transaction list Journal entry worksheet 2 3 4 Prev 4 of 6 Journal entry worksheet 2 3 4 Record the entry to close the income statement accounts with credit balances. Note: Enter debits before credits. Date General Journal Debit Credit Aug 31 Recond entry Clear entry View general journal KPrev 4 of 6 Journal entry worksheet 1 3 4 Record the entry to close the income statement accounts with debit balances. Note: Enter debits before credits. Date General Journal Debit Credit Aug 31 Prev 4 of 6 Next > Check my w Journal entry worksheet K 1 4 Record the entry to close income summary. Note: Enter debits before credits. Date General Journal Debit Credit Aug 31 View general journal Record entry Clear entry Journal entry worksheet