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. Merchandise inventory (ending) Debit $ 40,400 Credit Other (noninventory) assets Total liabilities 61,240 $ 25,300 Common stock 17,280 Retained earnings 21,600 Dividends 8,500 Sales 226,100 Sales discounts 2,290 Sales returns and allowances 13,500 Cost of goods sold 75,400 Sales salaries expense 32,700 Rent expense-Selling space 8,100 Store supplies expense 1,400 Advertising expense 14,000 Office salaries expense 29,000 Rent expense-Office space 3,400 Office supplies expense 350 Totals $290,280 $290,280 Beginning merchandise inventory was $25,400. 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 Required: $92,400 2,200 4,500 4,700 Required: Prepare closing entries as of August 31 (the perpetual inventory system is used). View transaction list Journal entry worksheet 1 2 3 4 Record the entry to close the income statement accounts with credit balances. Note: Enter debits before credits. Date Aug 31 General Journal Debit Credit Record entry Clear entry View general journal > s 4-6 eginning merchandise inventory was $25,400. Supplementary records of merchandising activities for ne 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 $92,400 2,200 4,500 4,700 Required: Prepare closing entries as of August 31 (the perpetual inventory system is used). 1 2 3 4 Record the entry to close the income statement accounts with debit balances. Note: Enter debits before credits, Date Aug 31 General Journal Debit Credit Record entry Clear entry View general journal 35 Beginning merchandise inventory was $25,400. Supplementary records of merchandising activities f 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 $92,400 2,200 4,500 4,700 Required: Prepare closing entries as of August 31 (the perpetual inventory system is used). View transaction list Journal entry worksheet < 1 2 3 4 Record the entry to close income summary. Note: Enter debits before credits. Date Aug 31 General Journal Debit Credit Record entry Clear entry View general journal > Beginning merchandise inventory was $25,400. 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 $92,400 2,200 4,500 4,700 Required: Prepare closing entries as of August 31 (the perpetual inventory system is used). View transaction list Journal entry worksheet < 1 2 3 4 Record the entry to close the dividends account. Note: Enter debits before credits. Date Aug 31 General Journal Debit Credit Record entry Clear entry View general journal