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, advertising expense. It categorizes the remaining expenses as general and administrative Credit Debit $ 40,300 45, 890 $ 25, 300 21,800 B, 700 226,700 Merchandise inventory (ending) Other (noninventory) assets Total liabilities K. Valley, Capital K. Valley, withdrawals 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 2,210 14,000 75,800 31,300 8,000 1,700 13,500 20, 800 3,300 300 $273, 800 $273,800 Beginning merchandise inventory was $25,900. Supplementary records of merchandising activities for the year ended August 31 reveal the following itemized costs Beginning merchandise inventory was $25,900. Supplementary records of merchandising activities for the year ended August 31 reveal the following itemized costs. Tnvoice cost of merchandise purchases Purchases discounts received Purchases returns and allowances Costs of transportation in $92,700 2.400 4,700 4,600 Required: Prepare closing entries as of August 31 (the perpetual inventory system is used) View transaction list Journal entry worksheet