Valley Company's adjusted trial balance on August 31, its fiscal year-end, follows. It categorizes the following accounts as selling expenses sales salaries expense, rent expense-selling space, store supplies expense, and advertising expense, it categorizes the remaining expenses as general and administrative Debit S40,700 Credit Merchandise inventory (ending) 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 3,304 $289, 040 $289,04 $289,ace Beginning merchandise inventory was $25.900. Supplementary records of merchandising activities for the year ended August 31 reveal the following itemized costs. $92,200 Invoice cost of merchandise purchases Purchases discounts received Purchases returns and allowances Costs of transportation in Required: Prepare closing entries as of August 31 (the perpetual inventory system is used Journal entry worksheet 1 2 3 4 Record the entry to close the income statement accounts with credit balances General Journal Debit creda Aug 31 Valley Company's adjusted trial balance on August 31, its fiscal year-end, follows. It categorizes the following accounts as selling expenses: sales salaries expense, rent expense-selling space, store supplies expense, and advertising expense. It categorizes the remaining expenses as general and administrative. Credit $ Debit 60, 700 59,600 $ 25,30 17.de 21. 8,800 225,4 Merchandise inventory (ending) 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 Totats 2,290 13,5 75, 100 32,100 3.600 1. See 13.00 29.80 3.300 use $29.00 $289.ee Beginning merchandise inventory was $25,900. Supplementary records of merchandising activities for the year ended August 31 reveal the following itemized costs Invoice cost of merchandise purchases Purchases discounts received Purchases returns and allowances Costs of transportation in $92,200 2.3 4. See 4.See Required: Prepare closing entries as of August 31 (the perpetual inventory system is used). Journal entry worksheet