Valley Companys adjusted trial balance on August 31, 2013, its fiscal year-end, follows.

Debit

Credit

Merchandise inventory

$

41,000

Other (noninventory) assets

138,930

Total liabilities

$

24,900

Common stock

19,100

Retained earnings

96,500

Dividends

8,500

Sales

225,600

Sales discounts

2,270

Sales returns and allowances

13,500

Cost of goods sold

73,400

Sales salaries expense

32,600

Rent expenseSelling space

8,000

Store supplies expense

1,600

Advertising expense

14,000

Office salaries expense

28,300

Rent expenseOffice space

3,600

Office supplies expense

400

Totals

$

366,100

$

366,100

On August 31, 2012, merchandise inventory was $25,400. Supplementary records of merchandising activities for the year ended August 31, 2013, reveal the following itemized costs.

Invoice cost of merchandise purchases	$	91,000
Purchase discounts received		2,300
Purchase returns and allowances		4,300
Costs of transportation-in		5,000

Prepare closing entries as of August 31, 2013 (the perpetual inventory system is used).