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.

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

• Record the entry to close the income statement accounts with credit balances.
• Record the entry to close the income statement accounts with debit balances.
• Record the entry to close income summary.
• Record the entry to close the Dividends account.