Required information Use the following information for the Problems 3A-4A below. (Algo) [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 (noninventory) assets Total liabilities Common stock Retained earnings Dividends Sales Debit $ 39,000 Credit 156,000 $ 45,045 52,498 76,078 8,000 266,760 Sales discounts 4,081 Sales returns and allowances 17,606 Cost of goods sold 103,121 Sales salaries expense 36,546 Rent expense-Selling space 12,538 Store supplies expense 3,201 Advertising expense 22,675 Office salaries expense 33,345 Rent expense-Office space 3,201 Office supplies expense Totals 1,067 $440,381 $440,381 Beginning merchandise inventory was $31,473. Supplementary records of merchandising activities for the year ended August 31 reveal the following itemized costs. Invoice cost of merchandise purchases Purchases discounts received $114,660 2,408 Purchases returns and allowances 5,504 Costs of transportation-in 3,900 Journal entry worksheet 1 2 3 4 Record the entry to close the income statement accounts with debit balances. Note: Enter debits before credits. Date Aug 31 General Journal Debit Credit > Journal entry worksheet 12 3 4 Record the entry to close income summary. Note: Enter debits before credits. Date Aug 31 General Journal Debit Credit View general journal Record entry Clear entry > Journal entry worksheet 1 2 3 4 Record the entry to close the dividends account. Note: Enter debits before credits. Date Aug 31 General Journal Debit Credit Record entry Clear entry View general journal