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) Debit $ 42,500 Credit Other (non-inventory) assets Total liabilities 170,000 $ 49,088 Common stock Retained earnings Dividends Sales Sales discounts 81,838 57,210 8,000 290,700 4,448 Sales returns and allowances 19,186 Cost of goods sold 112,026 Sales salaries expense 39,826 Rent expense-Selling space 13,663 Store supplies expense 3,488 Advertising expense 24,710 Office salaries expense 36,338 Rent expense-Office space 3,488 1,163 $ 478,836 $ 478,836 Office supplies expense Totals Beginning merchandise inventory was $34,298. 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 $ 124,950 2,624 5,998 3,900 Required: Prepare closing entries as of August 31 (the perpetual inventory system is used). View transaction list Journal entry worksheet < 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 < 1 2 3 Record the entry to close the income statement accounts with debit balances. Note: Enter debits before credits. Date Aug 31 General Journal Debit Credit Record entry Clear entry View general journal Journal entry worksheet 1 2 3 4 Record the entry to close income summary. Note: Enter debits before credits. Date Aug 31 General Journal Debit Credit Record entry Clear entry View general journal Journal entry worksheet 1 2 3 4 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