Valley Companys adjusted trial balance on August 31, 2017, its fiscal year-end, follows.

		Debit			Credit
Merchandise inventory		$	40,500
Other (noninventory) assets			62,090
Total liabilities					$	25,500
Common stock						17,200
Retained earnings						21,500
Dividends			8,800
Sales						226,200
Sales discounts			2,210
Sales returns and allowances			13,000
Cost of goods sold			74,300
Sales salaries expense			32,800
Rent expenseSelling space			8,800
Store supplies expense			1,800
Advertising expense			14,000
Office salaries expense			28,200
Rent expenseOffice space			3,500
Office supplies expense			400
Totals		$	290,400		$	290,400

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	$	91,300
Purchases discounts received		2,200
Purchases returns and allowances		4,300
Costs of transportation-in		4,900

Required:

1. Prepare closing entries as of August 31, 2017 (the perpetual inventory system is used).