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Valley Company's adjusted account balances from its general ledger 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, ABeginning merchandise inventory was $26,631. Supplementary records of merchandising activities for the year ended August 31 reveal the following itemized costs. Compute the company's total cost of merchandise purchased for the year. Joly 1 . merchandise had cost 3542 . July 3 paid 3130 cash for freight charges on the purchase of July 1. July \& Sold merchandise that had cost 51 , aes for $2,200 cash. 9. July 11 Returned s7ee of cerchands porctared on july 9 from lelght cotpany and debited its account pyable for that aeount. July 12 Recelved the balance due from Creek Corpany for the Involce dated July 2., net pf the discount. July 16 Paid the batance due to noden Conpamy within the dsscourt perifod. dated July 19. July 21 Gsve a price reduction (allowance) of 5250 to Art coepany for cercaspistse sold on zuly 19 and credited Art's acciunts receivable for that aeount? Jely 24 bajd Leight conpany the balance due, net of ditcount. Jely 3e. Recetved the balance das Crot Art Cospany for the involce dated july 19. net of ifscount. dated July 31. Valley Company's adjusted account balances from its general ledger 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, ABeginning merchandise inventory was $26,631. Supplementary records of merchandising activities for the year ended August 31 reveal the following itemized costs. Compute the company's total cost of merchandise purchased for the year. Joly 1 . merchandise had cost 3542 . July 3 paid 3130 cash for freight charges on the purchase of July 1. July \& Sold merchandise that had cost 51 , aes for $2,200 cash. 9. July 11 Returned s7ee of cerchands porctared on july 9 from lelght cotpany and debited its account pyable for that aeount. July 12 Recelved the balance due from Creek Corpany for the Involce dated July 2., net pf the discount. July 16 Paid the batance due to noden Conpamy within the dsscourt perifod. dated July 19. July 21 Gsve a price reduction (allowance) of 5250 to Art coepany for cercaspistse sold on zuly 19 and credited Art's acciunts receivable for that aeount? Jely 24 bajd Leight conpany the balance due, net of ditcount. Jely 3e. Recetved the balance das Crot Art Cospany for the involce dated july 19. net of ifscount. dated July 31
