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I am having a hard time figuring out the closed journal entries. Valley Companys adjusted trial balance on August 31, 2015, its fiscal year-end, follows.

I am having a hard time figuring out the closed journal entries.

Valley Companys adjusted trial balance on August 31, 2015, its fiscal year-end, follows.

Debit Credit
Merchandise inventory $ 41,600
Other (noninventory) assets 45,030
Total liabilities $ 25,800
Common stock 15,680
Retained earnings 3,920
Dividends 8,800
Sales 226,200
Sales discounts 2,270
Sales returns and allowances 12,500
Cost of goods sold 73,400
Sales salaries expense 32,100
Rent expenseSelling space 8,200
Store supplies expense 1,700
Advertising expense 13,500
Office salaries expense 28,200
Rent expenseOffice space 3,800
Office supplies expense 500

Totals $ 271,600 $ 271,600

On August 31, 2014, merchandise inventory was $25,400. Supplementary records of merchandising activities for the year ended August 31, 2015, reveal the following itemized costs.

Invoice cost of merchandise purchases $ 91,900
Purchase discounts received 2,700
Purchase returns and allowances 4,500
Costs of transportation-in 4,900

Required:
1. Prepare closing entries as of August 31, 2015 (the perpetual inventory system is used).

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