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 Debit Credit Merchandise inventory (ending) $ 44,500 other (non-inventory) assets 178,000 Total liabilities $ 51,398 K. Valley, Capital 145,033 K. Valley, Withdrawals 8,000 Sales 304,380 Sales discounts 4,657 Sales returns and allowances 20,089 Cost of goods sold 117, 115 Sales salaries expense 41,700 Rent expense-Selling space 14,306 Store supplies expense 3,653 Advertising expense 25,872 office salaries expense 38,048 Rent expense-Office space 3,653 Office supplies expense 1,218 Totals $ 500,811 $ 500,811 Beginning merchandise inventory was $35,912. Supplementary records of merchandising activities for the year ended August 31 reveal the following itemized costs. Invoice cost of merchandise purchases $ 130,830 Purchases discounts received 2,747 Purchases returns and allowances 6,280 Costs of transportation-in 3,900 Required: Prepare closing entries as of August 31 (the perpetual inventory system is used). View transaction list Journal entry worksheet Record the entry to close the income statement accounts with debit balances. Note: Enter debits before credits. Date General Journal Debit Credit Aug 31 Record entry Clear entry View general Journal Journal entry worksheet Record the entry to close the Withdrawals account. Note: Enter debits before credits. General Journal Debit Credit Date Aug 31 Record entry Clear entry View general Journal