Saved Help Save & Exit Submit Valley Company's adjusted trial balance 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, Credit Debit $ 40,600 61,53e $ 24,800 17,840 21,3ee 8, 2ee 225,90 Merchandise inventory (ending) Other (noninventory) assets Total liabilities Common stock Retained earnings Dividends Sales Sales discounts Sales returns and allowances Cost of goods sold Sales salaries expense Rent expense-Selling space Store supplies expense Advertising expense Office salaries expense Rent expense-Office space Office supplies expense Totals 2,210 13, see 75, 100 32,500 8,5ee 1, see 12,500 29, 10e 3,40e I 400 $289, 040 $289, 040 Teginning merchandise inventory was $25,400. Supplementary records of merchandising activities for the year ended August 31 veal the following itemized costs enve ERIT Submit 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 Purchases returns and allowances Costs of transportation in $92,400 2.400 4,300 4,608 Required: Prepare closing entries as of August 31 (the perpetual inventory system is used). View transaction list Journal entry worksheet 1 2 3 Record the entry to close the income statement accounts with credit balances. Journal entry worksheet