Valley Company's adjusted trial balance on August 31, 2017, its fiscal year-end, follows. Credit Debit 41,000 Merchandise inventory 130, 400 Other (noninventory) assets 25,000 Total liabilities 10,000 Common stock 94,550 Retained earnings 8,000 Dividends 225,600 Sales 2, 250 Sales discounts 12,000 Sales returns and allowances 74,500 Cost of goods sold 32,000 Sales salaries expense 8,000 Rent expense-Selling space 1,500 Store supplies expense 13,000 Advertising expense 28,500 office salaries expense 3,600 Rent expense-Office space 400 office supplies expense $355, 150 $355, 150 Totals On August 31, 2016, merchandise inventory was $25,400. Supplementary records of merchandising activities for the year ended August 31, 2017, reveal the following itemized costs. Prev 2 of 2 Next