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 $ 42,300 63,320 $ 25,400 16,960 21,200 8,300 226, 700 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 2,290 12,500 72,800 32,300 8,300 1,700 13,500 28,700 3,800 450 $290,260 $290,260 Beginning merchandise inventory was $25,100. 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 $92,800 3,000 4,500 4,700 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 the income statement accounts with credit balances. Note: Enter debits before credits. Date General Journal Debit Credit Aug 31 Record entry Clear entry View general journal 1 2 3 4 Record the entry to close the income statement accounts with debit balances. Note: Enter debits before credits. Date General Journal Debit Credit Aug 31 Record entry Clear entry View general journal Journal entry worksheet 1 2 3 4 > 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 Journal entry worksheet Record the entry to close the dividends account. Note: Enter debits before credits. Date General Journal Debit Credit Aug 31 Record entry Clear entry View general journal