Valley Company's adjusted trial balance on August 3, 2017, ts fiscal year-end,follows Merchandise inventory Other (noninventory) assets Total liabilities K. Valley, Capital K. Valley, Withdrawals 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 42, 300 45,800 $ 25,408 8,988 226,900 2,250 12,500 72,6e0 32,200 Book 8, 600 1,760 14,860 Print 29200 : , 3,500 ferences Totals 274,000 $274,ee On August 31, 2016, merchandise inventory was $25700 Supplementary records of August 31, 2017, reveal the following itemized costs merchandising activities for the year ended Invoice cost of merchandise purchases Purchases discounts received Purchases returns and allowances Costs of transportation-in $91,700 2,880 4,30e 4,660 Required: pare closing entries as of August 31, 2017 (the perpetual Inventory system s usec) View transaction list Journal entry worksheet KPrey 4 of 12 Next>