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Valley Company's adjusted trial balance on August 31, 2017, its fiscal year-end, follows. Credit Debit $ 40,600 58,720 $ 24, 200 16,480 20,600 8,900 225,500

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Valley Company's adjusted trial balance on August 31, 2017, its fiscal year-end, follows. Credit Debit $ 40,600 58,720 $ 24, 200 16,480 20,600 8,900 225,500 Merchandise inventory Other (noninventory) assets Total liabilities Common stock 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 2,210 13,000 74,900 32,100 8,700 1,900 13,500 28,300 3,600 350 $286,780 $ 286,780 On August 31, 2016, merchandise inventory was $25,800. 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 Costs of transportation-in $92,400 2,400 4,800 4,500 Required: 1. Prepare closing entries as of August 31, 2017 (the perpetual inventory system is used).

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