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 Debit $ 38,500 Credit 154,000 $ 44,468 K. Valley, Capital K. Valley, Withdrawals Sales Sales discounts 127,081 8,000 263,340 4,029 Sales returns and allowances 17,380 Cost of goods sold 101,850 Sales salaries expense 36,078 Rent expense-Selling space 12,377 Store supplies expense 3,160 Advertising expense 22,384 Office salaries expense Rent expense-Office space Office supplies expense Totals 32,918 3,160 1,053 $ 434,889 $ 434,889