Use the following information for the Problems 3A-4A below. (Algo) [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 Debit Credit Merchandise inventory (ending) $ 40,500 Other (noninventory) assets 162,000 Total liabilities $ 46,778 Common stock 54,518 Retained earnings 78,547 Dividends 8,000 Sales 277,020 Sales discounts 4,238 Sales returns and allowances 18,283 Cost of goods sold 106,939 Sales salaries expense 37,952 Rent expense-Selling space 13,020 Store supplies expense 3,324 Advertising expense 23,547 Office salaries expense 34,628 Rent expense-office space 3,324 office supplies expense 1,188 Totals $456,863 $456,863 Beginning merchandise inventory was $32,684. 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 $119,070 2.500 5,715 3,900 Ul August 31 (the perpetual inventory system is used). View transaction list Journal entry worksheet Record the entry to close income summary. Note: Enter debits before credits. Date Debit Credit Aug 31 General Journal Income summary Retained earnings