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. categorizes the following accounts as selling expenses: sales salaries expense, rent expenseseling space store supplies expense, and advertising expense. It categorizes the remaining expenses as general and administrative Credit 5 40,425 47.114 69.497 239, 400 Adjusted account balances Merchandise inventory (ending) $ 35,000 Other (notaventory) assets 140.000 Total liabilities Common stock Retained earnings Dividends 8.000 Sales Sales discounts 3.663 Sales returns and allowances 15,000 Cost of goods sold 92,945 Sales salaries expense 32.798 Rent expense-selling space 11.252 Store supplies expense Advertising expense 20.349 office salaries expense 29,925 Rent expense office space 2.873 office supplies expense 958 Total 5396,436 2,073 5396,436 Beginning merchandise inventory was $28.245. Supplementary records of merchandising activities for the year ended August 31 reveal the following itemized costs Invoice cost of merchandise purchases Purchase discounts received Parchener returns and allowances Costs of transportation in $102,900 2.161 4,939 3.900 Required: Prepare closing entries as of August 31 (the perpetual inventory system is used View transaction list Journal entry worksheet