Question
Valley Company's adjusted trial balance on August 31, 2015, its fiscal year-end, follows. Merchandise inventory Debit $ 37,000 Credit Other (noninventory) assets 148,000 Total
Valley Company's adjusted trial balance on August 31, 2015, its fiscal year-end, follows. Merchandise inventory Debit $ 37,000 Credit Other (noninventory) assets 148,000 Total liabilities $ 42,735 Common stock Retained earnings Dividends Sales 49,806 72,788 8,000 253,080 Sales discounts 3,872 Sales returns and allowances 16,703 Cost of goods sold 98,034 Sales salaries expense 34,672 Rent expense-Selling space 11,895 Store supplies expense 3,037 Advertising expense 21,512 Office salaries expense 31,635 Rent expense-Office space 3,037 Office supplies expense 1,012
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