Merchandise inventory $ 41,489 Other (noninventary) assets 58,740 Total liabilities $ 24, 303 Common stock 15,848 Retained earnings 19,888 Dividends 8.900 Sales 226,300 Sales discounts 2,389 Sales returns and allowances 12,5ea Cost of goods sold 73,900 Sales salaries 31,909 expense Rent expense-Selling 8,800 space Store supplies 1.589 expense Advertising expense 13,5ea office salaries expense 28,989 Rent expense-office space 3,580 office supplies expense 409 Totals $285,240 $286, 248 On August 31, 2017 merchandise inventory was $25700 Supplementary records of merchandising activities for the year ended August 31 2078.reveal the following itemized costs. Invoice cost of merchandise purchases Purchases discounts received Purchases retums and allowances Costs of transportation in $91,600 2,300 4,289 4,500 Required: 1. Prepare closing entries as of August 31, 2018 the perpetual inwentory system is used View transaction list View journal entry worksheet No Date General Journal 1 Aug 21 Salas Income summary Debit Credit 2 Aug 31 Income summary SARS discounts Salomon Sales mehrns and allowances Cost of goods sold Sales salaries experse Rent expense Selling space Store supplies expense Advertising expense Offce salaries expense Rent AXDA Omon space Office supplies expanse 3 Aug 31 Income summary Recared samir og 4 Aug 21 Rotarod samires Dividends