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 $ 38,500 Credit 154,000 $ 44,468 75,256 51,825 8,000 263,340 4,029 Sales returns and allowances 17,380 Cost of goods sold 101,8501 Sales salaries expense 36,078 Rent expense-Selling space 12,377 Store supplies expense 3,160 Advertising expense 22,384 office salaries expense, 32,918 Rent expense-office space 3,160 office supplies expense 1.053