1. Record the entry to close the income statement accounts with credit balances.
2. Record the entry to close the income statement accounts with debit balances.
3. Record the entry to close income summary.
4. Record the entry to close the Dividends account.

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. Beginning merchandise inventory was $31,877. Supplementary records of merchandising activities for the year ended August 31 reveal the following itemized costs