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 (non-inventory) assets Total liabilities Common stock Retained earnings Dividends Sales Sales discounts Debit $ 44,000 Credit 176,000 $ 50,820 84,308 59,229 8,000 300,960 4,605 Sales returns and allowances 19,863 Cost of goods sold 115,842 Sales salaries expense 41,232 Rent expense-Selling space 14,145 Store supplies expense 3,612 Advertising expense 25,582 Office salaries expense 37,620 Rent expense-Office space 3,612 1,204 $ 495,317 $ 495,317 Office supplies expense Totals Beginning merchandise inventory was $35,508. 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 $ 129,360 2,717 6,209 3,900 View transaction list View journal entry worksheet No Date 1 Aug 31 Sales Income summary General Journal Debit 300,960 2 Aug 31 Income summary Sales discounts Sales returns and allowances Cost of goods sold Advertising expense Office salaries expense Office supplies expense Rent expense-Office space Rent expense-Selling space Sales salaries expense Store supplies expense 3 Aug 31 Income summary Retained Earnings 4 Aug 31 Retained Earnings Dividends Credit 300,960 267,317 4,605 19,863 115,842 25,582 37,620 1,204 3,612 14,145 41,232 3,612 8,000 8,000