From this question I need:1-Record the entry to close the income statement accounts with credit balances2-Record the entry to close the income statement accounts with debit balances 3- Record the entry to close income summary 4- record the entry to close the withdrawals account

99 Check my work 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, advertising expense. It categorizes the remaining expenses as general and administrative. Debit Credit Merchandise inventory (ending) $ 42,800 Other (noninventory ) assets 41, 630 Total liabilities $ 25,200 K. Valley, Capital 19,500 K. Valley, Withdrawals 8,200 Sales 225, 700 Sales discounts 2,270 ances Sales returns and allowances 12,000 Cost of goods sold 73, 800 Sales salaries expense 32,900 Rent expense-Selling space 8,000 Store supplies expense 1,500 Advertising expense 13 , 500 Office salaries expense 29, 700 Rent expense-Office space 3, 700 Office supplies expense 400 Totals $270, 400 $270, 400 Beginning merchandise inventory was $25,600. Supplementary records of merchandising activities for the year ended August 31 reveal the following itemized costs