[The following information applies to the questions displayed below.] Valley Companys 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 expenseselling space, store supplies expense, and advertising expense. It categorizes the remaining expenses as general and administrative.

Adjusted Account Balances	Debit	Credit
Merchandise inventory (ending)	$ 43,000
Other (non-inventory) assets	172,000
Total liabilities		$ 49,665
Common stock		82,659
Retained earnings		57,883
Dividends	8,000
Sales		294,120
Sales discounts	4,500
Sales returns and allowances	19,412
Cost of goods sold	113,298
Sales salaries expense	40,294
Rent expenseSelling space	13,824
Store supplies expense	3,529
Advertising expense	25,000
Office salaries expense	36,765
Rent expenseOffice space	3,529
Office supplies expense	1,176
Totals	$ 484,327	$ 484,327

Beginning merchandise inventory was $34,701. Supplementary records of merchandising activities for the year ended August 31 reveal the following itemized costs.

Invoice cost of merchandise purchases	$ 126,420
Purchases discounts received	2,655
Purchases returns and allowances	6,068
Costs of transportation-in	3,900

Required: Prepare closing entries as of August 31 (the perpetual inventory system is used).