Required information Use the following information for the Problems below. [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) $ 35,500 Other (non-inventory) assets 142,000 Total liabilities $ 41,003 Connon stock 70,319 Retained earnings 47,787 Olvidends 8.000 Sales 242,820 Sales discounts 3,715 Sales returns and allowances 16.026 Cost of goods sold 94,217 Sales salaries expense 33,266 Rent expense-Selling space 11,413 Store Supplies expense 2,914 Advertising expense 20,640 Office Solaries expense 30,353 Rent expense-office space 2,914 Office supplies expense 921 Totals $401,929 $ 401,929 Beginning merchandise inventory was $28,649. 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 $104,370 2,192 5,010 3.900 Problem 4.4A (Algo) Preparing closing entries and interpreting information about discounts and returns LO C1, P3 Required: Prepare dosing entries as of August 31(the perpetual inventory system is used) Required: Prepare closing entries as of August 31 (the perpetual inventory system is used). View transaction list Journal entry worksheet 1 2 3 4 Record the entry to close the income statement accounts with credit balances. Note: Enter debits before credits. General Journal Debit Credit Date Aug 31 Record entry Clear entry View general journal equired: epare closing entries as of August 31(the perpetual inventory system is used).