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. Credit Debit $ 30,500 122,000 $ 35,228 41,056 62,091 8,000 208,620 Adjusted Account Balances 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 3,192 13,769 81,497 28,581 9,805 2,503 17,733 26,078 2,503 834 $346,995 $346,995 Beginning merchandise inventory was $24,614. 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 $89,670 1,883 4,304 3,900 Required: Prepare closing entries as of 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. General Journal Debit Credit Date Aug 31 Record entry Clear entry View general journal Journal entry worksheet 2 3 4 > Record the entry to close the dividends account. Note: Enter debits before credits. General Journal Debit Credit Date Aug 31 Record entry Clear entry View general journal