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. Credit Debit $ 32,000 128,000 $ 36,960 107,636 8,000 218, 880 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 3,349 14,446 85,312 29,987 10,287 2,627 18,609 27,360 2,627 876 $ 363,476 $ 363,476 Beginning merchandise inventory was $25,824. 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 $ 94,080 1,976 4,516 3,900 Required: Prepare closing entries as of August 31 (the perpetual inventory system is used). MAR 29 A O MacBook Air .. 80 F3 0 DII 7 F2 F4 F5 F6 F7 FB # A & * 2 $ 4 % 5 3 6 7 8 nework 4 1 2 Required: Prepare closing entries as of August 31 (the perpetual inventory system is used). View transaction list Journal entry worksheet eBook 1 2 4 > Print Record the entry to close the income statement accounts with credit balances. -ferences Note: Enter debits before credits General Journal Debit Credit Date Aug 31 Sales 218,880 Record entry Clear entry View general journal ... Taw Il MAR 29 A MacBook Air 80 F1 F2 90 F3 F4 F5 F6 7 C Required: Prepare closing entries as of August 31 (the perpetual inventory system is used). View transaction list Journal entry worksheet MAR 29 A MacBook Air So 289 000 90 F1 F2 F3 F4 F5 F7 @ % & 2 #8 3 1 5 Required: Prepare closing entries as of August 31 (the perpetual inventory system is used). View transaction list Journal entry worksheet bok 3 4 7 int Record the entry to close income summary. ences Note: Enter debits before credits. Date General Journal Debit Credit Aug 31 Sales Record entry Clear entry View general journal MAR 29 A MacBook Air 80 988 90 8 F1 F2 F3 F4 F5 F6 F7 1AA @ # $ % & 2 1 Required: Prepare closing entries as of August 31 (the perpetual inventory system is used). View transaction list Journal entry worksheet MAR 29 A 9 MacBook Air 80 F3 F1 F2 F4 F5 F6 F7 @ # $ % A & 2 1
