Valley Company's adjusted trial balance on August 31, 2017, its fiscal year-end, follows Herchandise inventory Other (noninventory) assets Total liabilities Common stock 41,900 65,540 s 24,200 17,280 21,600 Retained earnings Dividends 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 Totals 8,180 226,400 Book 2,240 13,060 71,800 31,300 8,600 1,700 12,560 29,100 3,300 400 Print 289,480 $289,480 On August 31. 2016, merchandise inventory was $25.200 Supplementary records of merchandising activities for the year ended August 31. 2017, reveal the following itemized costs Invoice cost of werchandise purchases Purchases discounts received Purchases returns and allowances Costs of transportation-in $91,400 2,800 4,960 4,800 Required: 1. Prepare closing entries as of August 31, 2017 (the perpetual inventory system is used) View transaction list Journal entry worksheet