Requlred Information [The following information applles 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 seling expenses sales salarles expense, rent expense-selling space, store supplies expense, and advertising expense. It categorizes the remaining expenses as general and administrative Beginning merchandise inventory was $34,701 Supplementary records of merchandising activities for the year ended August 31 reveal the following itemized costs. Required: Prepare closing entries as of August 31 (the perpetual inventory system is used). Jurnal entry worksheet 4 Record the entry to close the income statement accounts with credit balances. Note: Enter debits before credits. Record the entry to close the income statement accounts with debit balances. Notes Enter debits before credits. Journal entry worksheet Record the entry to close income summary. Noter Enter debits before credits. Journal entry worksheet Record the entry to close the Dividends account. Notet Enter debits before credits