Check my wo 1 Required information (The following information applies to the questions displayed below) 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 (noninventory) 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 01 fice salaries expense Rent expense-office spac office supplies expense Totals Debit Credit $ 41,000 130,400 $ 25,000 10,000 94,550 8,000 225,600 2,250 12,000 74,500 32,000 8,000 1,500 13,000 28,500 3,600 400 5355,150 $355, 150 G2 Chl Beginning merchandise inventory was $25,400. Supplementary records of merchandising activities for the year ended August 31 reveal the following itemized costs. 12 Invoice cost of merchandise purchases Purchases discounts received Purchases returns and allowances Costs of transportation-in $92,000 2,000 4,500 4,600 ded Required: Prepare closing entries as of August 31 (the perpetual inventory system is used). ok nt View transaction list ences Journal entry worksheet 2 4