Help 4 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, Credit Debit $ 42,700 61,100 $ 25,700 15,680 19,600 eBook 8.900 225,000 Merchandise inventory (ending) Other (noninventory) assets Total liabilities Common stock Retained earnings Dividends Sales sales discounts Sales returns and allowances Cont of goods sold Sales salaries expense Rent expense-selling space Store supplies expense Advertising expense office salaries expenne Rent expense office space office supplies expense Totale Print 2,230 12,000 71,900 31,200 8,700 1,300 13.000 29,200 3,400 350 $285,900 ferences $285,900 Beginning merchandise Inventory was $25,300. Supplementary records of merchandising activities for the year anded August 31 reveal the following itemized costs. Invoice cost of merchandise purchases Purchases discounts received Purchase returns and allowances Costs at transportation-in $91,700 2,100 5.000 4,700 Required: Prepare closing entries as of August 31 (the perpetual inventory system is used)