Valley Company's adjusted trial balance on August 31, 2018, its fiscal year-end, follows. Credit Debit $ 40,500 62,770 $ 24,400 17,040 21,300 226,000 8,900 Merchandise inventory Other (non inventory) 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 2,220 13,000 74,300 31,200 8,400 1,700 13,000 28,500 3,800 450 $288,740 $288,740 On August 31, 2017, merchandise Inventory was $25,800. Supplementary records of merchandising activities for the year ended August 31, 2018, reveal the following itemized costs. Invoice cost of merchandise purchases Purchases discounts received Purchases returns and allowances Costs of transportation-in $91,600 2,600 4,700 4,700 Return to question Answer is not complete. No Date General Journal Debit Credit 1 Aug 31 Sales Income summary 2 Aug 31 Income summary Sales discounts Sales returns and allowances Cost of goods sold Sales salaries expense Rent expense Selling space Store supplies expense Advertising expense Office supplies expense Rent expense-Office space Office supplies expense 3 Aug 31 Income summary Retained earnings 4 Aug 31 Retained earnings Dividends