Debit $ 30,000 120,000 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 Credit $ 34,650 61,267 40,383 Dividends 8,000 Sales 205,200 Sales discounts 3,140 Sales returns and allowances 13,543 Cost of goods sold 80,224 Sales salaries expense 28,112 Rent expense-Selling space 9,644 Store supplies expense 2,462 Advertising expense 17,442 Office salaries expense 25,650 2,462 821 Rent expense-Office space Office supplies expense Totals $ 341,500 $ 341,500 Beginning merchandise inventory was $24,210. 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 $ 88,200 1,852 4,234 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 Required: Prepare closing entries as of August 31 (the perpetual inventory system is used). < 1 2 3 4 Record the entry to close the income statement accounts with debit balances. Note: Enter debits before credits. Date Aug 31 General Journal Debit Credit View general journal Record entry Clear entry Required: Prepare closing entries as of August 31 (the perpetual inventory system is used). View transaction list 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