Valley Company's adjusted trial balance on August 31, 2017, its fiscal year-end, follows. Credit Debit $ 41,300 61,740 $ 24,400 17,040 21.300 9.000 226,900 Merchandise inventory Other (noninventory) Assets Total liabilities Common stock Retained earnings Dividends Sales Sales discounts Sales returns and allowancea Coat of goods sold Sales salaries expense Rent expense-Selling space Store supplies expense Advertising expense office salaries expense Rent expense-Office space orice supplies expense Total 2,250 12,000 73,900 31,900 8,700 1,400 14,000 29,800 3,300 350 $209,640 $209,640 On August 31, 2016, merchandise inventory was $25,100, Supplementary records of merchandising activities for the year ended August 31, 2017, reveal the following itemized costs. Invoice cost of merchandise purchases Purchases discounts received Purchases returns and allowances Conts of transportation-in $92,200 2.400 4,500 Required: 1. Prepare closing entries as of August 31, 2017 (the perpetual Inventory system is used)