[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 (non-inventory) assets Total liabilities Common stock Retained earnings Dividends Sales Sales discounts Debit $ 38,500 Credit 154,000 $ 44,468 75,256 51,825 8,000 263,340 4,029 Sales returns and allowances 17,380 Cost of goods sold 101,850 Sales salaries expense 36,078 Rent expense-Selling space 12,377 Store supplies expense 3,160 Advertising expense 22,384 Office salaries expense 32,918 3,160 1,053 $ 434,889 $ 434,889 Rent expense-Office space Office supplies expense Totals Beginning merchandise Inventory was $31,070. 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 $ 113,190 2,377 5,433 3,900 1 2 3 4 Record the entry to close the income statement accounts with credit balances. Note: Enter debits before credits. Date Aug 31 General Journal Debit Credit Record entry Clear entry View general journal heducation.com/ext/map/index.html/_con-con&external browser 08launchUrl=https% ark Seved Required information Record the entry to dose the income statement accounts with debit balances. Notes Enter debits before credits Date Aug 31 Record entry General Joumal Debil Credit Q Search View general journal < Prev 17 of 17 Required information Journal entry worksneet 4 Record the entry to dose income summary. Note Enter debits before credits. Date Aug 31 General Journal Debit Credit Record entry Clear entry View general jou Q Search < Prev 17 of 17 Required information Journal entry worksneer 1 2 3 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 Q Search < Prev 9 17 of 17