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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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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.
\table[[Adjusted Account Balances,Debit,Credit],[Merchandise inventory (ending),$38,000,],[other (non-inventory) assets,152,000,],[Total liabilities,,$3,890
Record closing entries to income statement with credit and debit balances, income summary, and dividends account
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