[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. Beginning merchandise inventory was $29,456. Supplementary records of merchandising activites for the year onded August 31 reveal the following itemized costs Required: Prepare closing entries as of August 31 (the perpetual inventory system is used). Journal entry worksheet Record the entry to close the income statement accounts with credit balances. Natni Coter defots beftye credas