Valley Company's adjusted trial balance on August 31, its fiscal year-end, follows. It categorizes the following accounts as seling 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 $ 43, eee 61,832 $ 24,100 17, 2ee 21,500 8,400 226,300 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 2,270 13,500 72,100 32,1ee 8,100 1. Jee 13,500 29,100 3,582 480 $289, 180 $289, 100 Beginning merchandise inventory was $25,800. 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 2,5ee 4,900 4,5ee Required: Prepare closing entries as of August 31 (the perpetual inventory system is used). View transaction list Journal entry worksheet Record the entry to close income summary. Note: Enter debits before credits Date General Journal Debit Credit Aug 31 Record entry Clear entry View general Journal