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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 3
Required information
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.
Beginning merchandise inventory was $ Supplementary records of merchandising activities for the year ended
August reveal the following itemized costs.
Required:
Prepare closing entries as of August the perpetual inventory system is used
Journal entry worksheet
Record the entry to close the income statement accounts with credit balances.
Note: Enter debits before credits.
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