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 K. Valley, Capital K. Valley, Withdrawals Sales Sales discounts Sales returns and allowances Cost of goods sold Sales salaries expense Rent expense-Selling space Store supplies expense Advertising expense Office salaries expense Rent expense-Office space Office supplies expense Totals Debit $ 43,500 174,000 Credit $ 50,243 142,038 8,000 297,540 4,552 19,638 114,570 40, 763 13,984 3,570 25,291 37,193 3,570 1,190 $ 489,821 $ 489,821 Beginning merchandise inventory was $35,105. 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 $ 127,890 2,686 6,139 3,900 Required: Prepare closing entries as of August 31 (the perpetual inventory system is used). View transaction list