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 $ 50,243 58,556 83,482 297,540 Adjusted Account Balances Debit Merchandise inventory (ending) $ 43,500 Other (noninventory) assets 174,000 Total liabilities Common stock Retained earnings Dividends 8,000 Sales Sales discounts 4,552 Sales returns and allowances 19,638 Cost of goods sold 114,570 Sales salaries expense 40,763 Rent expense-Selling space 13,984 Store supplies expense 3,570 Advertising expense 25, 291 Office salaries expense 37, 193 Rent expense-Office space 3,570 Office supplies expense 1,190 Totals $489,821 $ 489,821 Beginning merchandise inventoryavas $35,105. 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 $127,890 2,686 6,139 3,900 Problem 4.4A (Algo) Preparing closing entries and interpreting information about discounts and returns LO C1, P3 Required: Prepare closing entries as of August 31 (the perpetual inventory system is used). View transaction list Journal entry worksheet 2 3 4 1 Record the entry to close the income statement accounts with credit balances. Note: Enter debits before credits, + Date General Journal Debit Credit Aug 31