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) Debit $ 41,000 Credit Other (noninventory) assets Total liabilities 130,400 $ 25,000 Common stock 10,000 Retained earnings 94,550 Dividends 8,000 Sales 225,600 Sales discounts 2,250 Sales returns and allowances 12,000 Cost of goods sold 74,500 Sales salaries expense 32,000 Rent expense-Selling space 8,000 Store supplies expense 1,500 Advertising expense. 13,000 Office salaries expense 28,500 3,600 400 $ 355,150 $ 355,150 Rent expense-Office space Office supplies expense Totals Beginning merchandise inventory was $25,400. Supplementary records of merchandising activities for the year ended August 31 reveal the following itemized costs. Invoice cost of merchandise purchases: Purchases discounts received $ 92,000 2,000 Purchases returns and allowances Costs of transportation-in 4,500 4,600 Journal entry worksheet 1 2 3 4 Record the entry to close the income statement accounts with credit balances. Note: Enter debits before credits. Date August 31 General Journal Debit Credit Clear entry Record entry + View general journal 2 3 Record the entry to close the income statement accounts with debit balances. Note: Enter debits before credits. Date August 31 General Journal Debit Credit View general journal Record entry Clear entry View tranntCTION TEC Journal entry worksheet < 1 2 3 4 Ded inces Record the entry to close income summary. Note: Enter debits before credits Date August 31 General Journal Debit Credit Record entry Clear entry View general journal View transaction list Journal entry worksheet 2 3 B Record the entry to close the dividends account. Note: Enter debits before credits. Date August 31 General Journal Debit Credit Record entry Clear entry View general journal