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, 100 46,200 $ 25,800 19,200 8,100 225,900 Merchandise inventory (ending) Other (noninventory) assets Total liabilities K. Valley, Capital K. Valley. Withdrawala 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 2,250 13,000 74,900 31,100 8,100 1,300 14,000 28,100 3,400 350 $ 270,900 $ 270,900 Beginning merchandise inventory was $25,600. 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 $91,500 2,400 4,300 4,600 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 General Journal Debit Credit Aug 31 Record entry Clear entry View general journal 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. ces General Journal Debit Credit Date Aug 31 Record entry Clear entry View general Journal Journal entry worksheet 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 2 3 4 Record the entry to close the withdrawals account. Note: Enter debits before credits. Date General Journal Debit Credit Aug 31 Record entry Clear entry View general journal