Required information [The following information applies to the questions displayed below.] Vallcy Company's ad, usted account balances from its general iedger on August 31, is fiscal year-end, follows. It categorizes the following accounts as selling expenses: sales salarles expense, rent expense-selling space, store supplies expense, and advertising expense. It categorizes the remaining expenses as general and administrative. Beginning merchand se irventory was $25,400. Supplementary records of merchandising actliviles for the year ended August 31 reveal the following itemized costs. Record the entry to close the income statement accounts with debit balances. Note: Enter debits before credits. Required: Prepare closing entries as of August 31 (the perpetual irventory system is used). Journal entry worksheet Record the entry to close the income statement accounts with cred it balances. Journal entry worksheet 4 Record the entry to close the income statement accounts with debit balances. Note: Enter debits before credite. Journal entry worksheet 4 Journal entry worksheet