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 salaries expense, rent expense-selling space, store supplies expense, and advertising expense. It categorizes the remaining expenses as general and administrative. Adjusted Account Balances Merchandise inventory (ending) Other (noninventory) assets Total liabilities Connon stock Retained earnings Debit $33,000 132,000 Credit $38,115 44,422 66,207 Dividends 8.000 Sales 225,720 Sales discounts 3,454 Sales returns and allowances 14,898 Cost of goods sold 87,857 Sales salaries expense 30,924 Rent expense-Selling space 10,609 Store supplies expense 2,709 Advertising expense 19,186 Office salaries expense 20,215 Rest expense-office space 2,709 office supplies expense 903 Totals $374,464 $374,464 Beginning merchandise inventory was $26,631. Supplementary records of merchandising activities for the year ended August 31 reveal the following itemized costs. Invoice cost of merchandise purchases Purchases discounts received Purchases returns and allowances Costs of transportation-in $ 97,020 3,037 4,657 3,900 Required: Prepare closing entries as of August 31 (the perpetual inventory system is used). View transaction list Journal entry worksheet Record the entry to close the income statement accounts with credit balances. Note: Enter debts before credits Date August 31 General Journal Debit Credit View general journal Record entry Clear entry 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. Adjusted Account Balances Merchandise inventory (ending) Other (noninventory) assets Total liabilities Common stock Debit Credit $33,000 132,000 $38,115 44,422 Retained earnings 66,207 Dividends 8,000 Sales 225,720 Sales discounts 3,454 Sales returns and allowances 14.898 Cost of goods sold 87,857 Sales salaries expense 30,924 Rent expense-Selling space 10,609 Store supplies expense 2,709 Advertising expense 19,186 office salaries expense 20,215 Rent expense-office space 2,709 903 $374,464 office supplies expense Totala $374,464 Beginning merchandise inventory was $26,631. Supplementary records of merchandising activities for the year ended August 31 reveal the following itemized costs. Invoice cost of merchandise purchases Purchases discounts received Purchases returns and allowances Costs of transportation-in $97,020 2,037 4,657 3,900 Required: Prepare closing entries as of August 31 (the perpetual inventory system is used) < 1 2 3 4 Record the entry to close the income statement accounts with debit balances. Note: Enter debits before credits Date August 31 General Journal Debit Credit Racord entry Clear entry View general journal 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. Adjusted Account Balances Merchandise inventory (ending) Debit $ 33,000 Credit Other (noninventory) assets Total liabilities 132,000 $38,115 Common stock 44,422 Retained earnings 66,207 Dividends 8,000 Sales 225,720 Sales discounts 3,454 Sales returns and allowances 14,898 Cost of goods sold 87,857 Sales salaries expense 30,924 Rent expense-selling space 10,609 Store supplies expense 2,709 Advertising expense 19,186 office salaries expense 28,215 Rent expense-office space 2,709 office supplies expense 903 $374,464 Totals $374,464 Beginning merchandise inventory was $26,631. Supplementary records of merchandising activities for the year ended August 31 reveal the following itemized costs. Invoice cost of merchandise purchases Purchases discounts received Purchases returns and allowances Costs of transportation-in $ 97,020 2,037 4,657 3,900 Required: Prepare closing entries as of August 31 (the perpetual inventory system is used). View transaction list Journal entry worksheet < 1 2 Record the entry to close income summary. Note: Enter debits before credits Date August 31 General Journal Debit Credit Record entry Clear entry View general journal 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. Adjusted Account Balances Merchandise inventory (ending) Other (noninventory) assets Total liabilities Debit $ 33,000 Credit 132,000 $38,115 Common stock Retained earnings 44,422 66,207 Dividends 8,000 Sales 225,720 Sales discounts 3,454 Sales returns and allowances 14,898 Cost of goods sold 87,857 Sales salaries expense 10,924 Rent expense-Selling space 10,609 Store supplies expense 2,709 Advertising expense 19,106 office salaries expense 28,215 Rent expense-Office space 2,709 Office supplies expense 903 Totals $374,464 $374,464 Beginning merchandise inventory was $26,631. Supplementary records of merchandising activities for the year ended August 31 reveal the following itemized costs. Invoice cost of merchandise purchases Purchases discounts received Purchases returns and allowances Costs of transportation-in $97,020 2,037 4,657 3,900 Required: Prepare closing entries as of August 31 (the perpetual inventory system is used). View transaction list Journal entry worksheet 2 4 Record the entry to close the dividends account. Note: Enter debits before credits Date August 31 General Journal Debit Credit Record entry Clear entry View general journal