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Valley Companys adjusted trial balance on August 31, its fiscal year-end, follows. It categorizes the following accounts as selling expenses: sales salaries expense, rent expenseselling

Valley Companys adjusted trial balance on August 31, its fiscal year-end, follows. It categorizes the following accounts as selling expenses: sales salaries expense, rent expenseselling space, store supplies expense, and advertising expense. It categorizes the remaining expenses as general and administrative.

Debit Credit
Merchandise inventory (ending) $ 43,000
Other (noninventory) assets 65,150
Total liabilities $ 25,400
Common stock 17,360
Retained earnings 21,700
Dividends 8,500
Sales 225,700
Sales discounts 2,260
Sales returns and allowances 12,000
Cost of goods sold 72,100
Sales salaries expense 31,100
Rent expenseSelling space 9,000
Store supplies expense 1,700
Advertising expense 13,500
Office salaries expense 28,200
Rent expenseOffice space 3,300
Office supplies expense 350
Totals $ 290,160 $ 290,160

Beginning merchandise inventory was $25,400. Supplementary records of merchandising activities for the year ended August 31 reveal the following itemized costs.

Invoice cost of merchandise purchases $ 91,900
Purchases discounts received 2,300
Purchases returns and allowances 4,500
Costs of transportation-in 4,600

Required: Prepare closing entries as of August 31 (the perpetual inventory system is used).

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