PLEASE SHOW ALL WORK

Valley Company's adjusted trial balance on August 31, 2017, its fiscal year-end, follows Debit Credit Merchandise inventory Other (noninventory) assets Total liabilities Common stock ? 42,100 59,950 $ 25,500 15,360 19,200 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 9,000 226,900 2,260 14,000 72,500 32,500 8,700 1,500 12,500 28,400 3,200 350 $286,960 $286,960 On August 31, 2016, merchandise inventory was $25,300. Supplementary records of merchandising activities for the year ended August 31, 2017, reveal the following itemized costs Invoice cost of merchandise purchases Purchases discounts received Purchases returns and allowances Costs of transportation-in $91,600 2,400 4,400 4,500 Required: 1. Prepare closing entries as of August 31, 2017 (the perpetual inventory system is used)