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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 $ 42,400 60,690 $ 24,700 15,600 19,500 8,900 226,500 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 Office salaries expense Rent expense-Office space Office supplies expense Totals 2,210 12,500 71,300 32,700 8,600 1,700 12,000 29, 200 3,600 500 $286, 300 $286,300 Beginning merchandise inventory was $25,200. 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 $91,400 2,700 5,000 4,800 1 2 3 4 Record the entry to close the income statement accounts with credit balances. Note: Enter debits before credits. Debit Credit Date Aug 31 General Journal Income summary Journal entry worksheet Record the entry to close the income statement accounts with debit balances. Note: Enter debits before credits. General Journal Debit Credit Date Aug 31