Valley Companys adjusted trial balance on August 31, its fiscal year-end, follows. It categorizes the following accounts as selling expenses: sales salaries expense, rent expenseselling space, store supplies expense, and advertising expense. It categorizes the remaining expenses as general and administrative.

		Debit			Credit
Merchandise inventory (ending)		$	41,900
Other (noninventory) assets			55,750
Total liabilities					$	24,100
Common stock						15,760
Retained earnings						19,700
Dividends			8,900
Sales						225,800
Sales discounts			2,210
Sales returns and allowances			13,500
Cost of goods sold			73,300
Sales salaries expense			32,700
Rent expenseSelling space			8,800
Store supplies expense			1,800
Advertising expense			13,000
Office salaries expense			29,500
Rent expenseOffice space			3,600
Office supplies expense			400
Totals		$	285,360		$	285,360

Beginning merchandise inventory was $25,700. Supplementary records of merchandising activities for the year ended August 31 reveal the following itemized costs.

Invoice cost of merchandise purchases	$	92,300
Purchases discounts received		2,900
Purchases returns and allowances		4,500
Costs of transportation-in		4,600

Required: Prepare closing entries as of August 31 (the perpetual inventory system is used).