Requilred: repare closing entrles as of August 31 (the perpetual inventory system is used). Record the entry to close the income statement accounts with debit balances. Note: Enter debits tore credits. Journal entry worksheet Record the entry to close income summary. Note: Enter debits before credits. Required: Prepare closing entrles as of August 31 (the perpetual inventory system is used). Journal entry worksheet Record the entry to close the income statement accounts with credit balances. Notel Enter debits before creditsi. Required Information [The following information applies to the questions displayed below] 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 salarles expense, rent expense-selling space, store supplies expense, and advertising expense. It categorizes the remaining expenses as general and administrative. Beginning merchandise inventory was $29,859. Supplementary records of merchandising activities for the year ended August 31 reveal the following itemized costs: Journal entry worksheet Record the entry to close the Dividends account. Note: Enter debits before credits