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) Debit $ 35,500 142,000 Credit Other (non-inventory) assets Total liabilities $ 41,003 Common stock 70,319 Retained earnings 47,787 Dividends 8,000 Sales 242,820 Sales discounts 3,715 Sales returns and allowances 16,026 Cost of goods sold 94,217 Sales salaries expense 33,266 Rent expense-Selling space 11,413 Store supplies expense 2,914 Advertising expense 20,640 Office salaries expense 30,353 Rent expense-Office space Office supplies expense Totals 2,914 971 $ 401,929 $ 401,929 Beginning merchandise inventory was $28,649. 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 $ 104,370 2,192 5,010 3,900 Journal entry worksheet < 1 2 3 4 Record the entry to close the income statement accounts with credit balances. Note: Enter debits before credits. Date August 31 General Journal Debit Credit + Record entry Clear entry View general journal