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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
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 $ 40,700 Credit Other (noninventory) assets Total liabilities 58,550 Common stock $ 24,100 16,720 Retained earnings 20,900 Dividends 8,300 Sales 226,000 Sales discounts 2,270 Sales returns and allowances 13,500 Cost of goods sold 75,200 Sales salaries expense 32,600 Rent expense-Selling space 8,300 Store supplies expense 1,900 Advertising expense 13,500 Office salaries expense 29,000 Rent expense-Office space 3,500 Office supplies expense Totals 400 $287,720 $287,720
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