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! Required information [ The following information applies to the questions displayed below. ] Valley Company's adjusted account balances from its general ledger on August
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The following information applies to the questions displayed below.
Valley Company's adjusted account balances from its general ledger on August its fiscal yearend, follows. It categorizes the following accounts as selling expenses: sales salaries expense, rent expenseselling space, store supplies expense, and advertising expense. It categorizes the remaining expenses as general and administrative.
tableAdjusted Account Balances,Debit,CreditMerchandise inventory ending$other noninventory assets,Total liabilities,,$
Record closing entries to income statement with credit and debit balances, income summary, and dividends account
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